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Australian Retail Sales Lift 0.9% to Fresh Record

Economic Indicators Jun 29, 2022 14:28
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© Reuters.

By Oliver Gray 

Investing.com - Australian retail sales increased by 0.9% month-over-month to a fresh record level of A$34.23 billion in May data from the Australian Bureau of Statistics showed on Wednesday, topping analyst expectations of 0.4% and posting the fifth consecutive monthly rise, defying tough economic conditions as consumers proved resilient amid surging inflation pressures and rising interest rates.

However, much of the boost was due to price inflation, with department stores posting largest rise, up 5.1%, followed by cafes, restaurants, and takeaway food services.

The continued consumer resilience supports the Reserve Bank of Australia’s confidence that consumption can withstand rising interest rates. Policymakers have raised rates twice since May and are expected to hike by a further 50 basis points during their monthly meeting next week.

According to Australian Bureau of Statistics data, the rate of inflation in Australia is running at 5.1%, with RBA officials expecting a peak of 7% later in the year.

Australian Retail Sales Lift 0.9% to Fresh Record
 

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