Fuel spending hits two year low

Spending on fuel in New Zealand has reached the lowest monthly total since February 2015, says Sue Chapman, the business indicators manager for Stats NZ. In a press release published this morning, Chapman noted the large drop in the price of fuel since June. "Fuel prices were cheaper by almost 10 cents a litre in July compared with last month." While spending in most retail industries increased on last month, spending on fuel fell a massive $36 million (6.1 per cent) compared to June. Overall, card spending on fuel is down 4.9 percent in July 2017 compared with the same month last year. When adjusted for seasonal effects, spending in the retail industries fell 0.5 per cent in July 2017, after a 0.1 per cent fall in June 2017. Spending on vehicles in New Zealand, excluding fuel, has remained mostly constant since March. It displayed no change from June to July, remaining at $167 million. Spending on vehicles excluding fuel is up about 3.1 per cent compared to the same month last year, totalling $162 million in July 2016. Actual retail spending using electronic cards was $4.9 billion in July 2017, up $96 million (2.0 per cent) from July 2016.