SYDNEY (Reuters) – Australian retail sales posted another solid increase in September thanks to spending on food, clothing and eating out with consumption staying surprisingly resilient in the face of surging inflation and higher interest rates.
Data from the Australian Bureau of Statistics on Monday showed retail sales rose 0.6% in September from August to a record A$35.1 billion ($22.48 billion).
That was dead in line with market forecasts and left sales up a huge 17.9% on September last year when pandemic restrictions made shopping difficult, at least at physical stores.
($1 = 1.5615 Australian dollars)
(Reporting by Wayne Cole; Editing by Shri Navaratnam)
