It seems consumers are not as concerned about high fuel rates and rising interest rates as the media would have us believe as Australian retail sales rose in May at the fastest pace in six months, according to Bloomberg.
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Sales climbed 0.7 percent from April, when they fell a revised 0.1 percent, the Bureau of Statistics said in Sydney today. The increase beat the median estimate of 24 economists surveyed by Bloomberg News for a 0.1 percent gain, according to the report.
Spending has increased on food, recreational goods, cosmetics and jewelry, suggesting Australian households are weathering 12- year high interest rates and record fuel prices.
And in further good news for electronics retailers, spending at recreational goods retailers gained 2.2 percent in May, while food sales increased 1 percent, the report showed.
