Australia’s economy was resilient towards the end of last year, with job vacancies and retail sales holding up, even as the World Bank joined other agencies to slash the outlook for growth in 2023.
Data for November, released by the Australian Bureau of Statistics (ABS) on Wednesday, showed consumer price inflation picked up in the month while the number of firms advertising for staff increased and consumers set fresh records for retail spending.
Consumer prices rose 7.3% in the year to November, up from a 6.9% rate in October, or slightly quicker than economists’ forecasts.
Fuel prices drove some of the increase, rising 16.6% from a year earlier as the effects of the end to the federal government’s fuel excise “holiday” flowed through to motorists. Food and housing costs rose while clothing and footwear were cheaper.
November CPI came in at 7.3%, or slightly above market…
