New Zealand's retail spending dropped 1.8% in February due to increased living costs and economic uncertainty.

New Zealand's retail spending dropped 1.8% in February compared to January, with electronic card spending falling by 1.9% or NZD 176 million. Senior economists attribute the decline to increased living costs, a cooling labor market, and economic uncertainty. The Reserve Bank of New Zealand is expected to remain cautious with interest rate adjustments due to the squeeze on household spending power.

March 12, 2024
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