Retail sales up in January

Retail sales rebounded strongly in January, following a lacklustre December, Statistics New Zealand said today.

Seasonally adjusted total retail sales rose 1.3 per cent in January compared to December, Statistics New Zealand said today.

This was almost double the expectations of analysts polled by Reuters, who had forecast a 0.6 per cent rise in seasonally adjusted sales.

The January rise followed a 0.3 per cent dip in December and compared to a 2.6 per cent rise in January last year.

Excluding motor vehicle related industries, seasonally adjusted retail sales were 1.1 per cent higher in January than December.

Statistics New Zealand said in a commentary automotive fuel retailing was up $30 million, making the sector the largest dollar value contribution to the overall rise. This was followed by supermarket and grocery stores, up $12 million.

On the downside, cafes and restaurants recorded the largest monthly decrease, down $9 million.

Fourteen of the 24 store types recorded higher seasonally adjusted sales for the month.

Total actual retail sales for January were $4.625 billion, up 4.5 per cent on January 2004.

- NZPA