Australia’s retail sales declined for the first time in ten months in October, defying economists’ forecast for a further rise, figures from the Australian Bureau of Statistics showed on Monday.
Retail sales dropped 0.2 percent month-on-month in October, reversing a 0.6 percent stable rate of increase in September. Sales were expected to grow by 0.5 percent.
Further, sales declined for the first time this year.
Sales at department stores decreased the most by 2.4 percent over the month, and sales of clothing, footwear, and personal accessories slid 0.4 percent. Meanwhile, the food retailing segment rose 0.4 percent.
On a yearly basis, retail sales growth eased to a 4-month low of 12.5 percent in October from 17.9 percent a month ago.