Australian retail sales growth in January 2023. +1.9% m/m, the highest since November 2021.
The head of ABS for retail statistics said:
- “Recovery in retail sales in January followed a sharp decline of 4.0% in December and a strong rise of 1.7% in November.
“Looking at this volatility shows that sales are at similar levels to September 2022, with growth flattening out over the past few months on average.
“November, December and January are the most seasonal months of the year, and retail activity is heavily influenced by the Christmas period and January holidays. combined with rising pressure on the cost of living to change the usual consumer spending patterns.”
Note the “flat growth” comment. The RBA’s rate hikes have dampened some demand in the economy. The RBA (and other central banks) are well aware that there is basically nothing they can do about supply constraints that act as a push. inflation
inflation
Inflation is defined as a quantitative measure of the rate at which the average price level of goods and services in an economy or country increases over a period of time. It is a general price level increase that causes a particular currency to buy less effectively than in previous periods. It is very influential when it comes to the strength of a currency and thus the valuation of foreign exchange, inflation or any such indicator. Inflation arises from the overall creation of money.this money is m
Inflation is defined as a quantitative measure of the rate at which the average price level of goods and services in an economy or country rises over a period of time. It is a general price level increase that causes a particular currency to buy less effectively than in previous periods. It is very influential when it comes to the strength of a currency and thus the valuation of foreign exchange, inflation or any such indicator. Inflation arises from the overall creation of money.this money is m
Up. But what they can do is try to keep demand down. That’s the point of the rate hike cycle.
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Here’s some background information on this: