Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Australian retail sales volumes fell 0.6 per cent in the March quarter, which follows a 0.3% decline over Q4 2022, according to figures released today by the Australian Bureau of Statistics.
The ABS noted mounting cost-of-living pressures continued to weigh on household spending. “Outside of the COVID-19 pandemic period, this is the largest fall in retail sales volumes since the September quarter 2009,” said Ben Dorber, head of retail statistics at the ABS. As with the Consumer Price Index for the March quarter, retail prices remain high but price growth has slowed to 0.6 per cent this quarter, the ABS noted.
In a speech following the RBA’s latest decision to raise the cash rate 25bp to 3.85%, Governor Philip Lowe noted the Reserve’s inflation fighting strategy would seek to protect labour market gains, noting worryingly persistent services price inflation in particular (see: MNI: RBA Inflation Strategy to Protect Labour Gains).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.