SYDNEY, May 9 (Reuters) - Australian retail sales
volumes during the first quarter of 2023 fell for a second
straight quarter, a sign that rising interest rates and the high
cost of living are working to curb consumer spending.
Data from the Australian Bureau of Statistics on Tuesday
showed real retail sales fell 0.6% in the first quarter to
A$96.17 billion ($65.23 billion).
That was in line with market forecasts of a 0.6% fall and
will make a drag on economic growth.
The report also showed growth in retail prices was the
slowest since the third quarter in 2021, which might reassure
the Reserve Bank of Australia (RBA) that its aggressive policy
tightening is starting to cool demand, albeit slowly. ($1 = 1.4743 Australian dollars)
(Reporting by Stella Qiu)
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