But in volume terms, retail sales were up 1.2% in Q1-2023, so the March result is a bit of an aberration. The same data shows that things will likely be back with a good +2.5% pa annualised rise in April from March. The falling petrol price is causing these signals to be a bit odd. That is a +24 bps rise in a week. That means the TWI-5 is up to 71.3 and up +50 bps from this time yesterday and up +120 bps in a week.

Source: New Zealand Herald May 20, 2023 03:17 UTC