Record high spending despite rate rise

By Colin Brinsden, Aap Economics and Business Correspondent
Updated June 29 2022 - 3:31pm, first published 2:36pm
The spending data for May shows the fifth consecutive monthly rise in retail turnover.
The spending data for May shows the fifth consecutive monthly rise in retail turnover.

Consumers took the first interest rate rise in more than a decade in their stride with spending reaching a record high in May, but economists expect further hikes and high inflation will eventually take their toll.

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