Inflation surged again to 7.3 per cent within the 12 months to November after a weaker learn in October.
The Australian Bureau of Statistics’ month-to-month shopper value index confirmed inflationary pressures stay robust, with housing the most important contributor to the November learn.
Housing prices lifted by 9.6 per cent over the 12 months to November, meals and beverage costs elevated by 9.4 per cent and transport surged 9 per cent.
“Increasing operating costs, including wages, electricity, and weather affected reductions in food supplies continued to drive prices up,” ABS head of costs statistics Michelle Marquardt stated.
She stated the uptick in transport prices additionally mirrored the return of the total gasoline excise tax, which pushed petrol prices greater.
The return to an above-seven annual enhance adopted a cooler 6.9 per cent elevate in October.
However, the month-to-month index confirmed CPI lifting 7.3 per cent in September.
Furniture, family tools and companies additionally lifted by 8.4 per cent and recreation and tradition by 5.8 per cent within the 12 months to November.
More ABS information confirmed Black Friday gross sales boosting retail turnover to a brand new report excessive, with the impact of the November discounting interval rising stronger every year.
The 1.4 per cent elevate within the official retail gross sales determine for November final yr adopted a smaller 0.4 per cent bump greater in October.
ABS head of retail statistics Ben Dorber stated the Black Friday gross sales flamed spending on clothes, footwear, furnishings and digital items.
Clothing, footwear and private accent retailing had an enormous 6.4 per cent elevate, adopted by malls, the place spending surged 5.4 per cent.
“While we typically see a rise in spending around Black Friday sales, the strong seasonally adjusted rise in November 2022 shows that the effect is increasing over time, as the event has become more common across retailers and sales periods become longer,” Mr Dorber stated.
Compared to the November 2021 studying, retail turnover was 7.7 per cent greater.
He stated the extra modest elevate in October – the smallest rise in 2022 – steered shoppers had been hanging again to benefit from the discounting interval as price of residing pressures intensified.
Despite the uptick in sales-related spending, the information revealed a slowdown in food-related spending development.
ABS additionally launched its job emptiness information, which present open jobs falling 5 per cent within the three months to November 2022.
Despite the autumn, the variety of job vacancies in November was 12 per cent greater than 12 months prior.
