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In Canterbury, there was pressure Business Canterbury chief executive Leanne Watson said.
Watson said inflationary pressure and rising interest rates were the top issues for businesses, followed by the easing demand for consumer confidence.
"It's pretty tough out their for businesses at the moment."
Cost pressures were starting to bite, she said.
"We're talking about 40 percent of our members we surveyed saying that they're now having major impacts across their business and of course some of those costs that are lingering from the Covid days. We're seeing higher wage growth, those costs are now baked into business so we're seeing an easing in demand and we're seeing those costs that have been much higher over the last few years and those things together, along with really high interest rates are just having a significant impact." |
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