FX.co ★ Australia Retail Sales Rise Slightly Amid High Inflation

Australia's retail sales increased for the second successive month in August, though slightly and at a less-than-expected pace, figures from the Australian Bureau of Statistics showed on Thursday.

Retail sales rose a seasonally adjusted 0.2 percent month-on-month in August versus a 0.5 percent gain in July. Sales were expected to grow by 0.3 percent.

Sales of clothing, footwear and personal accessories retailing alone grew the most by 1.3 percent over the month, and sales at cafes, restaurants, and takeaway food services advanced by 0.7 percent.

"The modest rise in August shows consumers continued to restrain their retail spending," Ben Dorber, ABS head of retail statistics, said.

"Considering how high inflation and strong population growth has added to retail turnover in the past year, the historically low trend growth highlights just how much consumers have pulled back in response to cost-of-living pressures."