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Source: Reuters -
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Retail sales posted their biggest monthly fall in four-and-a-half years in October on the back of a big slide in vehicle sales.
Statistics New Zealand says retail sales fell 1.3% on the previous month, with car sales down a whopping 14.5%.
The trend in motor vehicle retailing sales has fallen 19.6% since September 2007 and is at its lowest level since September 2001.
When auto sales are removed though, core sales actually rose 0.8%.
Economists say the rise in core sales is not surprising given recent tax cuts.
However they say overall the figures underline the need for further interest rate cuts.
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