Investing.com– Australian retail gross sales grew lower than anticipated in November, as heavy discounting in the course of the Black Friday buying occasion solely partially offset persistent strain from sticky inflation and excessive rates of interest. 

grew 0.8% month-on-month in November, information from the Australian Bureau of Statistics confirmed on Thursday. The studying was barely beneath expectations of 1% however picked up from the 0.5% progress seen within the prior quarter. 

The Black Friday buying event- which takes place across the U.S. vacation of Thanksgiving- is characterised by heavy retail reductions. November retail gross sales information often displays this pattern, provided that the occasion has additionally gained growing reputation in Australia over the previous decade. 

However retail gross sales grew lower than anticipated in November, provided that Australian customers are nonetheless grappling with a excessive price of residing and elevated rates of interest. 

Latest information confirmed inflation grew greater than anticipated in November, whereas additionally remaining above the Reserve Financial institution of Australia’s goal vary.

The central financial institution is extensively anticipated to maintain charges larger for longer, amid considerations over sticky inflation.