Australia retail sales surge past expectations in September
Investing.com-- Australian retail sales grew much more than expected in September, tracking a strong start to spring shopping and feeding into expectations that inflation will remain elevated in the coming months.grew 0.9% in September from the prior month, data from the Australian Bureau of Statistics showed on Monday. The reading was well above expectations for growth of 0.3%, and accelerated from the prior month’s reading of 0.3%.
The ABS said that a warmer-than-usual start to the Australian spring boosted sales at department stores, while the release of a new iPhone model also aided overall sales. ABS officials also noted that while sales grew more than expected in September, average retail sales growth this year remained subdued. Sales were only up 1.5% from a year ago, as rising living costs saw customers tighten their purse strings.
But this was somewhat countered by persistent strength in the labor market, which is expected to keep retail spending trending higher in the coming months. This in turn is expected to factor into higher inflation, with recent data indicating a resurgence in price pressures.into further raising interest rates when it meets next week, with a bulk of analysts pricing in a 25 basis point hike.
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