Australia retail volumes rose 1.2% in the first quarter

AUSTRALIAN retail sales volumes topped forecasts in the March quarter even as prices for many goods rose sharply, pointing to resilient consumer demand and a solid start for the economy this year. Data from the Australian Bureau of Statistics out on Tuesday showed retail sales in the first quarter rose an inflation-adjusted 1.2 per cent from the previous quarter, beating market forecasts of a 1 per cent gain. Sales were up 4.9 per cent on a year ago basis at a record A$93.19 billion (S$90 billion) with cafes, restaurants and takeaway food services enjoying the largest rise as coronavirus restrictions eased. REUTERS