Everyone's Fave Thing To Do Is About To Get More Expensive
Love shopping for clothes during sale season? Be warned, clothing is about to get more expensive in Australia!
Last week we were up in arms after news broke that the cost of going to the doctor will rise. Now we're going to have to start paying more for clothing, too.
Australian shoppers have enjoyed years of sales. But according to Citi senior analyst Craig Woolford, the recent decline in clothes prices won't last because cotton and wool prices are rising, and the lower Australian dollar is raising costs for local retailers.
"Clothing prices decreased -0.3 per cent in the June 2016 quarter," Mr Woolford told clients.
"Foreign exchange depreciation is beginning to impact retail prices.”
"We expect higher inflation in the next 12 months given prices are rising for underlying commodities such as cotton and wool and clothing retailers look to offset the decline in the Australian dollar to maintain margins."
Main Image: Herald Sun
Source: The Age