Australia: Retail sales swing to contraction amid renewed Covid-19 restrictions in February
Nominal retail sales in January decreased 1.1% over the previous month in seasonally-adjusted terms, swinging from January’s 0.3% uptick, according to preliminary figures.
A considerable fall in food retailing led February’s drop. The reintroduction of Covid-19 associated restrictions in Victoria and parts of Western Australia weighed on households’ retail spending.