DW8 Growth, page-14136

(Bloomberg) -- Australian retailers recorded a fourth consecutive month of sales gains, suggesting households are so far weathering a spike in the cost of living from surging fuel and other prices.

Sales advanced 0.9% in April to a fresh record A$33.9 billion ($24.1 billion) and just shy of economists’ estimates for a 1% increase, Australian Bureau of Statistics data showed Friday. In response, the Australian dollar edged higher to trade at 71.20 US cents at 11:34 a.m. in Sydney.

“There were strong rises in both food retailing and cafes, restaurants and takeaway food services,” said Ben, James, director of Quarterly Economy Wide Statistics at the ABS. “This is a contrast to the consumer behaviour previously seen during the pandemic, where these two industries would consistently move in opposite directions as outbreaks and restrictions either tightened or eased.”