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14/9/2018 — Oil and Gas
Higher fuel price reflected in cards

Retail spending on electronic cards rose in August as payments on fuel surged in New Zealand, as a sequel to a downward revision to the previous month's figures.

The Sharechat website, quoting a BusinessDesk report, said seasonally adjusted total retail spending on credit and debit cards rose 1% after lifting 0.2% in July, according to Statistics New Zealand (SNZ).

Core retail spending, which excludes vehicle-related industries, rose 0.7%, after increasing 0.3% in July.

Westpac senior economist Michael Gordon said the 1.1% gain in spending, including services, was ahead of market forecasts, though it was offset by a downward revision of the July growth to 0.2% from the previous figure of 0.7%.

Gordon said: “Based on updated data, fuel spending in July was revised from a 1.8% rise to a 0.3% fall. This new figure is surprising given the rise in fuel prices over the month - including the introduction of the Auckland regional fuel tax.”

ShareChat said this latest data shows card spending rose in all of the six retail industries in August. Spending on fuel advanced 4.1% while seasonally adjusted consumables spending - which covers grocery and liquor retailing - rose 0.6% in the month.

Spending on apparel such as clothing, footwear and accessories rose 2.6%, after July's 1.8% fall.

SNZ’s retail statistics manager Sue Chapman said fuel prices rose in August compared with July, contributing to the lift in fuel spending, “Fuel spending on electronic cards has generally risen over the last year.”

Sources: sharechat.co.nz; businessdesk.co.nz

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