Investing.com — Australian retail sales rose less than expected in November, as deep discounts during the Black Friday shopping event partly offset persistent pressure from inflation and higher interest rates.
Data from the Australian Bureau of Statistics showed on Thursday that gross domestic product rose 0.8% month-on-month in November. The reading was slightly below expectations of 1% but up from the 0.5% growth seen in the previous quarter.
The Black Friday shopping event – which takes place around the Thanksgiving holiday in the United States – features deep discounts on retail. November retail sales data typically reflects this trend, since the event has also gained increasing popularity in Australia over the past decade.
But retail sales grew less than expected in November, as Australian consumers continue to struggle with higher costs of living and rising interest rates.
Recent data showed that inflation rose more than expected in November, while also remaining above the Reserve Bank of Australia's target range.
The central bank is widely expected to keep interest rates high for longer, amid concerns about persistent inflation.
