The clothing and footwear group had a quarterly decrease of 1.1%, mainly due to lower prices for apparel, footwear, accessories and clothing services. This decrease is attributed to promotional activities related to back-to-school and New Year sales. However, over the past year, this group has increased slightly by 0.4%. Notably, men's apparel increased by 2.4%, contributing significantly to the annual growth of this sector.
According to the ABS, Australia's CPI saw a 1% quarterly increase in the March 2024 quarter, for a year-on-year increase of 3.6%. The clothing and footwear sector saw a 1.1% decline in sales, but a 0.4% increase on the year. Tradable goods fell 0.2% this quarter, while the average inflation rate was cut to 4% annually.
The tradable goods sector saw a slight decline of 0.2% this quarter, driven by falling international holiday travel costs. However, when seasonally adjusted, the tradable goods component of all CPI groups showed a slight increase of 0.2%, according to the ABS.
Looking at broader inflation measures, the average annual cut in inflation was reported at 4%, down slightly from 4.2% the year before. December 2023 a quarter.
Fiber2 Fashion News Desk (DP)
