Australia’s Retail Sales Cool as Rate Hikes Crimp Spending
- The result represents a leveling off after volatile few months
- Food led sales gains while discretionary industries were mixed
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Australian retail sales were subdued in February, adding to evidence that household spending is beginning to slow in response to higher interest rates and suggesting the central bank may pause next week.
Sales advanced 0.2% from a month earlier, matching forecasts, Australian Bureau of Statistics data showed Tuesday. The result points to a leveling out of spending after a 1.8% surge in January and 3.9% plunge in December.