Oddbean

Australia retail sales grow less than expected in April ========== Australia retail sales grew 0.1% month-on-month in April, weaker than the expected growth of 0.3%. The weak data suggests that Australian retail spending had plateaued in 2024 and consumers scaled back on discretionary spending. Sticky inflation and high mortgage rates have pressured spending. The Reserve Bank of Australia may keep interest rates high for longer due to sticky inflation. The weak retail sales data could lead to a softer outlook for inflation. A monthly consumer price index inflation reading for April is due on Wednesday. #Australia #RetailSales #ConsumerSpending #Inflation #InterestRates https://www.investing.com/news/economic-indicators/australia-retail-sales-grow-less-than-expected-in-april-3457968