In the morning of Asia, the Australian Bureau of Statistics reported that Retail Sales have expanded by 0.2%, lower than the consensus of 0.4% and the former release of 1.9%. A weaker-than-expected retail demand indicates that households are bearing the burden of higher inflation and are facing issues in offsetting the impact of inflated products with current paying capacity.
Although Australian households are going through a rough phase, weak retail demand is music to the ears for the Reserve Bank of Australia (RBA). The central bank has been working on softening Australian inflation, which is extremely stubborn and not responding well to higher interest rates.
Till now, Reserve Bank of Australia chair Philip Lowe has already pushed the Official Cash Rate (OCR) to 3.60%. Going forward, the monthly Consumer Price Index (CPI) will remain in the spotlight, which is scheduled for Wednesday.
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