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MNI BRIEF: RBNZ Hikes Justified as Q3 Retail Sales Rebound

MNI (PERTH)
(MNI) Perth
True

The Reserve Bank of New Zealand sent a clear message this week over its determination to cool spending, but a rebound in 3Q retail sales showed its aggressive rate hikes are yet to sting New Zealanders' hip pockets.

Third quarter retail sales increased 0.4% q/q, slightly missing estimates for a 0.5% y/y increase, but an improvement on the 2.2% decline in the Q2, data released earlier by Stats NZ showed. However, the faster growth in sales values compared to volumes showed much of the rise was due to rising prices. Spending at department stores and on apparel posted the strongest gains, while spending on electrical and electronic goods fell 14.5% q/q.

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The Reserve Bank of New Zealand sent a clear message this week over its determination to cool spending, but a rebound in 3Q retail sales showed its aggressive rate hikes are yet to sting New Zealanders' hip pockets.

Third quarter retail sales increased 0.4% q/q, slightly missing estimates for a 0.5% y/y increase, but an improvement on the 2.2% decline in the Q2, data released earlier by Stats NZ showed. However, the faster growth in sales values compared to volumes showed much of the rise was due to rising prices. Spending at department stores and on apparel posted the strongest gains, while spending on electrical and electronic goods fell 14.5% q/q.

Keep reading...Show less