Australian retail turnover rose 0.2% in February 2023, according to figures released today by the Australian Bureau of Statistics, following a 1.8% rise in January.
Despite the modest rise in retail sales, its appeared to have levelled out after a period of increased volatility over the festive seasons of November, December and January.
Spending in food related industries continued to grow steadily in February, with cafes, restaurants and takeaway food services up 0.5%, while food retailing rose 0.2%
Non-food industry results were mixed as consumers continue to pull back on discretionary spending in response to high cost of living pressures.