Higher interest rates haven't stopped Kiwi shoppers from spending up a storm.

Retail spending has remained steady at $6.6 billion in February 2023, when compared with Stats NZ data from January.

The Reserve Bank is looking for signs that demand is easing in the economy, but this data indicates this is yet to happen.

NZ Herald business editor Liam Dann says the current spending rates are a mystery to economists and central bankers.

Liam Dann says this may be sign that the previous solutions to treating inflation may no longer be as effective.

LISTEN ABOVE

Higher interest rates haven't stopped Kiwi shoppers from spending up a storm.
Retail spending has remained steady at $6.6 billion in February 2023, when compared with Stats NZ data from January.
The Reserve Bank is looking for signs that demand is easing in the economy, but this data indicates this is yet to happen.
NZ Herald business editor Liam Dann says the current spending rates are a mystery to economists and central bankers.
Liam Dann says this may be sign that the previous solutions to treating inflation may no longer be as effective.
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.