Record high spending despite rate rise

By Colin Brinsden, Aap Economics and Business Correspondent
Updated June 29 2022 - 5:31am, first published 4:36am
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.