Changes in Retail Sales are used as an indicator of consumer spending. Q2 data (April, May and June) should continue to reflect the easing of coronavirus restrictions in NZ. Inflation impacts have weighed on sales volumes.
- -2.3% q/q (prior -0.5%)
- -3.7% y/y (prior +2.3%)
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These results are unlikely to have much, if any, impact on Reserve Bank of New Zealand decision-making at its next meeting. Another rate hike is expected.
Next meeting is October 5.
