20 Mar 2010

Credit card spending drops slightly

9:36 am on 20 March 2010

Credit card billings in New Zealand edged lower in February, as consumers remained cautious about a patchy economic recovery and rising unemployment.

Figures from the Reserve Bank of New Zealand show credit card billings fell a seasonally adjusted 0.3% last month, compared with a 1.4% increase in January.

ANZ economist Mark Smith says the latest figures confirm consumers remained cautious in the first two months of this year.

He says much of the January increase reflected higher food and fuel prices.