Bargain hunters were behind a surge in retail spending in November, even as inflation rose back to a 32-year high, putting more pressure on the RBA to raise rates
The Australian shopping spree has continued with retail spending surging in November, a sign the Reserve Bank is likely to continue raising interest rates in coming months in a bid to rein in inflation as the global economic outlook deteriorates.
Treasurer Jim Chalmers said November’s inflation data highlighted the economic pressure being felt by all Australians. The bank warned the global economy was so fragile, events including a COVID resurgence or increased geopolitical tensions could push it into recession. ABS head of price statistics Michelle Marquardt said November’s increase in inflation was mainly driven by housing, food, transport and furniture. Housing inflation, at 9.6 per cent, was affected by higher labour and building material costs, while increased prices for takeaway and restaurant meals drove food inflation up by 9.4 per cent.
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