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MNI BRIEF: RBA Set To Hike Despite Slide In Dec Retail Sales

MNI (PERTH)
(MNI) Perth
Central Bank NewsPolicy NewsAPACAustraliaBriefStoryRBARegion
True

The Reserve Bank of Australia's inflation fighting focus is unlikely to deter it from hiking again despite December retail sales recording the fourth largest month-on-month decline, snapping a run of 11 consecutive monthly increases, market pricing suggests

While the advent of Black Friday online sales in November has delivered negative month-on-month prints in the previous three Decembers, the magnitude of the 3.9% m/m decline, as reported by the Australian Bureau of Statistics, suggests households are beginning to tighten their belts after the RBA hiked by a cumulative 300bp since May. The only larger month-on-month declines were recorded in the Covid-affected months of April and August 2020, and July 2000, a month after the introduction of the 10% Goods and Services Tax. Retail sales were up 7.5% through the year.

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The Reserve Bank of Australia's inflation fighting focus is unlikely to deter it from hiking again despite December retail sales recording the fourth largest month-on-month decline, snapping a run of 11 consecutive monthly increases, market pricing suggests

While the advent of Black Friday online sales in November has delivered negative month-on-month prints in the previous three Decembers, the magnitude of the 3.9% m/m decline, as reported by the Australian Bureau of Statistics, suggests households are beginning to tighten their belts after the RBA hiked by a cumulative 300bp since May. The only larger month-on-month declines were recorded in the Covid-affected months of April and August 2020, and July 2000, a month after the introduction of the 10% Goods and Services Tax. Retail sales were up 7.5% through the year.

Keep reading...Show less