Consumer spending has fallen to its lowest level in more than a year as inflation and rising interest rates have curbed spending habits. Stats NZ says retail sales volumes fell 1-point-4 percent in the three months ended March. It comes as economists are predicting interest rates will rise again today, as the Reserve Bank tries to bring inflation under control. The official cash rate currently sits at 5.25 percent, with banks predicting a hike of between 25 and 50 basis points. Infometrics chief forecaster Gareth Kiernan joins the programme