Australia retail sales cheered by Taylor Swift in February
Investing.com-- Australian retail sales grew in February, supported chiefly by increased consumer spending on concerts by pop star Taylor Swift through the month, although sticky inflation and high interest rates still kept overall spending muted.grew 0.3% month-on-month in February, data from the Australian Bureau of Statistics showed on Thursday. The reading was slightly below expectations of 0.4%, and also slowed from the 1.1% bounce seen in January.
But beyond the boost from Swift, spending remained sluggish amid persistent pressure from relatively high inflation and the prospect of higher for longer interest rates. High Australian inflation weighed heavily on household finances over the past two years- pressure which was exacerbated by a 425 basis point increase in interest rates.
This trend is expected to see the RBA keep interest rates higher for longer, at least in the near-term. But the RBA is also targeting some cooling in retail spending, given that it is among the biggest drivers of inflation.
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