Australian retail sales rose less than expected in November as Black Friday boost limited By Investing.com
© Reuters.
Investing.com – Australian retail sales rose less than expected in November, as heavy discounts during the Black Friday shopping event only partially eased the persistent pressure of sticky inflation and high interest rates.
rose 0.8% month-on-month in November, data from the Australian Bureau of Statistics showed on Thursday. The reading was slightly below expectations of 1%, but was up from the 0.5% growth reported in the previous quarter.
The Black Friday shopping event – which takes place around the US holiday of Thanksgiving – is characterized by deep retail discounts. November retail figures tend to reflect this trend, given that the event has also gained in popularity in Australia over the past decade.
But retail sales rose less than expected in November, with Australian consumers still struggling with the high cost of living and rising interest rates.
Recent data showed inflation rose more than expected in November, while also remaining above the Australian central bank’s target range.
The central bank is widely expected to keep rates higher for longer, amid concerns about sticky inflation.
