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AUSTRALIAN CONSUMERS SPENDING LESS AS HIGH INTEREST RATES BITE.
CANBERRA, June 2 Asia Pulse - High interest rates and rising petrol costs continue to rein in consumer spending in Australia with the largest monthly fall in a year during April.
Retail trade fell by a seasonally-adjusted 0.2 per cent - to a little over A$20 billion (US$19 billion) - compared to March.
Economists had forecast a rise of 0.2 per cent for the month.
The Reserve Bank of Australia holds its monthly board meeting tomorrow, but is widely expected to leave the official cash rate unchanged at 7.25 per cent for a third straight month.
A private sector survey, also released today, showed that inflation is growing at its fastest pace in at least five-and-a-half years, suggesting the central bank could still lift rates again in coming months.
The TD Securities-Melbourne Institute monthly inflation gauge showed headline inflation climbed 4.5 per cent in the year to May, after increasing by 0.3 per cent last month.
This is well above the RBA's two-to-three per cent inflation target ...
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Source: HighBeam Research, AUSTRALIAN CONSUMERS SPENDING LESS AS HIGH INTEREST RATES BITE.