KEY POINTS:
Credit card billings in New Zealand rose moderately in May after the previous month's decline, following two rises in interest rates by the central bank, data showed today.
The Reserve Bank said total billings rose a seasonally adjusted 0.5 per cent last month, following a fall of 0.9 per cent in April and 1 per cent gain in March.
Over a year ago, seasonally adjusted billings were up 5.8 per cent against a 7.8 per cent gain in the April year.
It was the slowest rate of annual increase since the year ended April 2006.
Data earlier this month showed retail sales fell 1.2 per cent in April, their fastest fall in more than three years, after hefty rises the previous two months.
The RBNZ unexpectedly raised rates in June for the third time this year, citing concerns over medium-term inflation pressures arising from the strong property market and robust domestic spending.
Most analysts in latest Reuters poll expect the central bank to keep rates at 8 per cent at its next meeting on July 26.
- REUTERS
