Australian retail sales growth in January 2023. At +1.9% m/m it's the highest since November of 2021.
- the y/y is +7.5%
ABS head of retail statistics, said:
- “The rebound in retail turnover in January followed a substantial fall of 4.0 per cent in December and a large rise of 1.7 per cent in November.
“Looking through this volatility shows that turnover is at a similar level to September 2022, and on average, growth has been flat over the past few months.
“November, December and January are the most seasonal months of the year, with retail activity heavily affected by the Christmas period and January holidays. This has been heightened by an increase in the popularity of Black Friday sales and growing cost of living pressures combining to drive a change in usual consumer spending patterns.”
Note that 'flat growth' comments - RBA rate hikes are sapping some demand in the economy. The RBA (and other central banks) are well aware that there is basically nothing at all they can do about supply constraints acting to push inflation up. But, what they can do is to seek to dampen demand. Thats the point of the rate hike cycle.
Background info on this is here: