SYDNEY (Reuters) – Australian retail gross sales eked out a meagre achieve in February after wild swings round year-end holidays, indicating buyers are reining in spending within the face of upper prices of dwelling and rising rates of interest.
Knowledge from the Australian Bureau of Statistics (ABS) on Tuesday confirmed retail gross sales rose 0.2% in February from January, after they picked up a revised 1.8%. Gross sales of A$35.14 billion ($23.42 billion) have been 6.4% larger than a yr earlier.
The consequence was only a contact above median forecasts of an increase of 0.1%. Estimates from analysts ranged from minus 1.2% to plus 1.3%.
($1 = 1.5004 Australian {dollars})
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