Investing.com– Australian retail sales grew less than expected in November, as deep discounts during the Black Friday shopping event only partially offset persistent pressure from sticky inflation and high interest rates.
rose 0.8% month-on-month in November, Australian Bureau of Statistics data showed on Thursday. The reading was slightly below expectations of 1%, but recovered from the 0.5% growth seen in the previous quarter.
The Black Friday shopping event, which takes place around the American holiday of Thanksgiving, is characterized by deep retail discounts. Retail sales data for November tends to reflect this trend, as the event has also become increasingly popular in Australia over the past decade.
But retail sales grew less than expected in November, as Australian consumers are still grappling with a high cost of living and higher interest rates.
Recent data showed inflation rose more than expected in November, although it also remained above the Reserve Bank of Australia’s target range.
The central bank is widely expected to keep rates high for longer, amid concerns about persistent inflation.