Investing.com — Australian retail sales grew less than expected in November, as heavy discounting during the Black Friday shopping event 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 up from the 0.5% growth seen in the previous quarter.
The Black Friday shopping event – which occurs around the US holiday of Thanksgiving – is characterized by heavy sales discounts. Sales data for November often reflects this trend, because the event has gained increasing popularity in Australia over the past decade.
But retail sales grew less than expected in November, as Australian consumers are still grappling with higher living costs and rising interest rates.
Recent data showed inflation grew more than expected in November, while remaining above the Reserve Bank of Australia's target range.
The central bank is expected to keep rates high for longer, amid concerns of sticky inflation.