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Retail spending seems to have bottomed out although consumer caution still remains, ASB Chief Economist Nick Tuffley said following September quarter retail sales figures that showed the value of sales rose 0.5% from June, while sales volumes remained flat over the quarter. (Update 2 includes ASB economist comments.)

The figures suggest that prices, in general, rose during the quarter, Statistics New Zealand said when it released the figures.

The core retail industries (which exclude motor vehicle related sales) saw sales value growth of 0.6% over the quarter, led by a 1.1% rise in supermarket and grocery store retailing and a 5.1% increase in appliance retailing from June.

Annual (unadjusted) figures suggest core retail sales, expressed in September 1995 prices, are back to the same levels seen in the September quarter last year.

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