Investing.com– Australian retail sales grew less than expected in November, as heavy discounting during the Black Friday shopping event only partially offset persistent pressure from sticky inflation and high interest rates.
grew 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 picked up from the 0.5% growth seen in the prior quarter.
The Black Friday shopping event- which takes place around the U.S. holiday of Thanksgiving- is characterized by heavy retail discounts. November retail sales data usually reflects this trend, given that the event has also gained increasing popularity in Australia over the past decade.
But retail sales grew less than expected in November, given that Australian consumers are still grappling with a high cost of living and increased interest rates.
Recent data showed inflation grew more than expected in November, while also remaining above the Reserve Bank of Australia’s target range.
The central bank is widely expected to keep rates higher for longer, amid concerns over sticky inflation.
