Australian retail sales in July were much stronger than expected, underscoring consumer resilience in the face of soaring interest rates and a big rise in the cost of living this year.
Retail sales rose 1.3% in July, the biggest increase in four months, according to the Australian Bureau of Statistics.
Estimates were for an increase of 0.3%.
July’s rise follows a 0.2% increase in June and 0.7% in May.
Department stores saw the biggest increase in sales in July, up 3.8%, followed by clothing, footwear and personal accessories, which saw sales rise 3.3%.
Sales in cafes, restaurants and takeaway services increased by 1.8%.
The rise in retail sales comes despite Australia’s central bank raising interest rates at high speed to curb the biggest rise in consumer price inflation in a generation.
Source: Capital
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