Australian household spending rose 0.3% in February

[SYDNEY] Australian household spending rose for a second month in February driven by demand for food, travel and concerts, data showed on Tuesday, though that preceded a global spike in energy costs that will distort consumption for some time to come.

Data from the Australian Bureau of Statistics showed its monthly household spending indicator (MHSI) rose 0.3 per cent in February to A$79.12 billion (S$70.4 billion), following a matching increase the previous month. Analysts had generally looked for a rise of around 0.2 per cent.

Spending on goods rose 0.1 per cent in February led by food, medicines, medical aids, and goods for recreation and culture, the ABS said. Spending on services rose 0.5 per cent, driven by recreational and cultural services, air passenger and sea transport, and accommodation. REUTERS