Australian Retail Sales Growth in November
Investing.com– Australian retail sales grew less than expected in November, due to persistent pressures from inflation and high interest rates, despite Black Friday discounts.
According to data from the Australian Bureau of Statistics released on Thursday, retail sales increased by 0.8% month-on-month in November. This figure was slightly under the anticipated 1% and marked an improvement from the previous quarter’s growth of 0.5%.
The Black Friday shopping event, occurring around the U.S. Thanksgiving holiday, typically features significant retail discounts, which have gained traction in Australia over the past decade. Nonetheless, the growth in retail sales did not meet expectations as consumers continue to face challenges related to a high cost of living and rising interest rates.
Moreover, recent data indicated that consumer price index inflation was higher than expected in November, remaining above the target range set by the Reserve Bank of Australia (RBA). Consequently, the central bank is anticipated to maintain elevated interest rates for an extended period due to ongoing concerns regarding persistent inflation.
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