Retail in Asia

In Markets

Australia’s retail sales’ surprise fall

Australian shoppers grew more cautious at the end of last year as the effects of rising interest rates took their toll.

Retail sales fell 0.7 percent in December alone, but rose 1.1 percent for the December quarter, the Australian Bureau of Statistics reported, citing seasonally adjusted numbers. That compares with economists’ forecasts for growth of 0.2 percent and 1.1 percent, respectively.