Retail trade was down 0.2% on the prior month in October, but 1.2% ahead YOY on a seasonally adjusted basis according to the Australian Bureau of Statistics.

Food retailing rose 0.5% in October from the month prior and was 3% higher YOY. Turnover for cafes, restaurants and takeaway food services fell 0.4% on the prior month on a seasonally adjusted basis but was 5% higher YOY.

Consumers in Victoria led the way in retail spending cuts with monthly retail trade turnover declining 0.8% in October, followed by NSW and the ACT both down 0.5% compared to September. Retail was down 0.1% in South Australia and the Northern Territory for the month, while retail trade in Queensland and WA tracked 0.6% and 0.8% ahead of September, respectively. Tasmania’s retail trade edged 0.3% higher in October.

Meanwhile, earlier this month the Reserve Bank of Australia lifted the cash rate to 4.35% “to reduce the risk of a larger monetary policy response in coming months” as inflation persists.