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Retailers are hopeful interest rates will remain on hold following the release of figures showing an easing in inflation.Australian Bureau of Statistics figures reveal the Consumer Price Index rose 0.5% during the September quarter and has risen 2.3% through the year.
This follows a 0.5% rise in the June quarter, at which point inflation had risen 3% through the year.
The Reserve Bank of Australia has maintained a 2.5% cash rate since August 2013, with the inflation figures within its 2-3 per cent target.
Australian National Retailers Association CEO Anna McPhee stated retailers hope to see this interest rate stability continue into next year, noting the retail sector continues to “play a major role in putting downward pressure on inflation”.
“Today’s middle of the road inflation number in the year to September 2014 demonstrates inflation is well contained,” McPhee commented.
“Retailers hope this will provide further evidence for the Reserve Bank of Australia to continue the current period of interest rate stability into 2015.
“This should provide consumers with some level of confidence as we approach the important Christmas shopping period – the busiest time of year for the retail sector.”
