Fuel price rises lift eftpos card spending

Rising fuel prices were a key factor in an increase in total electronic card transactions (ECT) last month.

Statistics New Zealand (SNZ) said today total ECTs were up 0.6 per cent in February compared with January, on a seasonally adjusted basis.

But the core retail industries, which exclude vehicle-related industries, had a 0.4 per cent fall. That fall was led by the consumables industry and followed a 0.3 per cent decrease in January.

The 0.6 per cent rise in total transactions was mainly the result of increases in fuel retailing and non-retail industries, partly offset by a fall in consumables. The latest rise followed a 0.2 per cent increase in January and falls in November and December.

For the retail industries, ECTs were up 0.5 per cent in February following three months of decreases. The rise was led by fuel increases with petrol prices rising significantly from January to February, SNZ said.

The trend series for both total transactions, and transactions in the retail industries, had been declining since about September 2008, but both were now showing signs those declines were easing.

The actual, unadjusted, value of transactions in the core retail industries last month was down 2.7 per cent from a year earlier, but as last year was a leap year, February 2008 had an extra day compared to February 2009.

- NZPA