Australian retail sales volumes rose 1.4% in the second quarter to a new record, defying rising inflation and rising interest rates, the statistics office said.
The increase in sales volumes was the third consecutive quarterly increase in total retail volume, following increases of 1% in the first quarter and 7.7% in the fourth quarter of 2021.
“Sales volumes continued to rise in the second quarter, despite the biggest increases in retail prices since 2000, when the Goods and Services Tax was introduced,” a statistics agency official said.
Inflation in Austria rose 6.1% year-on-year in the second quarter, with the central bank expecting to peak near 8% in the second half of this year.
Official interest rates have risen by 175 basis points since May, in the fastest policy tightening since the mid-1990s.
Further increases are expected until the second half of this year.
Much of the increase in sales volume in the second quarter came from cafes, restaurants and takeaway food services, which grew 8.6% in the quarter and continued to grow after the lockdowns.
Source: Capital
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