WELLINGTON, Oct. 13 (Xinhua) -- Traffic volumes in New Zealand rebounded in September, but the recovery remained uneven as households faced higher fuel prices and rising interest rates, economic indices showed on Tuesday.
The Light Traffic Index, which tracks cars, vans and motorbikes and was released by ANZ, one of New Zealand's major commercial banks, rose 1.1 percent in September but remained 1.1 percent lower than a year earlier.
ANZ said the index could provide an early indication of consumer spending and economic demand, typically leading economic momentum by up to six months, with variations reflecting discretionary spending on outings and the movements of couriers and tradespeople.
Light traffic has been noticeably lower in recent months, likely reflecting people choosing to drive less due to higher fuel prices, according to an ANZ release.
Heavy traffic, mainly trucks and buses, increased 2.2 percent in September, reversing an equivalent decline in August and leaving the index 0.7 percent higher than a year earlier, the release said.
The bank's Heavy Traffic Index was commonly used to gauge production and wider economic activity because it captured freight movements linked to both wholesale and retail trade and exports, Radio New Zealand (RNZ) reported, citing the release.
The Heavy Traffic Index rebounded in September, supporting the bank's view that late-winter storms may have dampened activity in August, it said.
ANZ senior economist Matthew Galt said the figures showed an uneven economic picture, with export sectors such as agriculture performing strongly while households remained under pressure from higher fuel prices and rising interest rates, RNZ reported.
Businesses, however, were proving reasonably optimistic despite a recent surge in fuel prices, Galt said, adding the recovery was being supported by a low exchange rate and high export prices, while interest rates remained well below their peak two or three years earlier. ■