Retail sales from Australia, Q4 2022 comes in at -0.2% q/q
- expected -0.6%, prior +0.2%
- the y/y is +1.8%
Australian Bureau of Statistics comments on the data:
- Retail sales volumes fell for the first time since the September quarter 2021, with volumes falling across all non-food industries as consumers tightened discretionary spending in response to mounting cost of living pressures.
- Retail prices remain high, but price growth slowed to 1.1 per cent in December due to flat food retailing prices and additional discounting during Black Friday sales. This was the smallest rise in retail prices for 2022.
And:
- Given the volatile nature of spending in November and December, it is useful to look at the quarterly results which provide a clear indication of recent retail activity
- The fall in the December quarter sales volumes suggests that the robust post-lockdown spending that fuelled much of the growth in 2022 has come to an end
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AUD is little moved on the data release. It was smashed lower on the blockbuster US jobs numbers on Friday,
