SYDNEY, Feb 6 (Reuters) - Australian retail sales
volumes fell for the first time in a year last quarter as
shoppers trimmed spending on goods, a sign higher borrowing
costs are finally working to curb spending.
Data from the Australian Bureau of Statistics on Monday
showed real retail sales dipped 0.2% in the December quarter to
A$96.9 billion ($66.99 billion). That was still better than
market forecasts of a 0.6% fall and will make a slight drag on
economic growth.
The report also showed growth in retail prices was the
slowest all year in the quarter, which might reassure the
Reserve Bank of Australia (RBA) that its aggressive policy
tightening is starting to cool demand, albeit slowly.
The central bank meets on Tuesday as is widely expected to
hike rates by a quarter point to 3.35%. (Reporting by Wayne Cole; Editing by Christopher Cushing)
Messaging: wayne.cole.thomsonreuters.com@reuters.net))
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