New figures reveal a major drop in retail spending on fuel last month.
The Statistics New Zealand numbers show that fuel was one of the largest movers in May 2016, with retail spending using electronic cards down $8.9 million dollars (1.5 percent).
Overall retail spending was $4.8 billion, up $152m (3.3 per cent) from May 2015. Of the six retail industries, the only decrease was in the fuel industry, down $40m (6.6 per cent).
“Despite recent rises, the price of fuel is still around 10 cents lower than what it was in May last year,” says business indicators senior manager Neil Kelly.
When adjusted for seasonal effects, retail spending fell 0,3 per cent in May 2016 compared with April 2016. This follows a 0.8 per cent rise in April.
Largest movements in May 2016:
Fuel, DOWN $8.9m (1.5 per cent)
Consumables, UP $7.3m (0.4 per cent)
Hospitality, DOWN $6.4m (0.7 per cent).
Both the fuel and hospitality industries had increases (1.7 per cent and 1.5 per cent respectively) in April 2016.
Core retail spending (which excludes the vehicle-related industries) fell 0.1 per cent in May 2016, after a 0.3 per cent rise in April.