Rate rises haven’t turned us off our daily coffee

Interest rate rises have failed to dent demand for morning coffees, lunchtime sandwiches and evening takeaway, boosting chances the Reserve Bank will continue to tighten monetary policy to bring inflation under control.

The biggest increase was in the cafe, restaurant and takeaway sector, which was hit hard by COVID-19 shutdowns. It bounced 1.8 per cent to a record $5 billion in July, up 46 per cent on a year ago, Australian Bureau of Statistics data showed on Monday. The bank has aggressively lifted interest rates to deal with inflation that it expects to reach almost 8 per cent by year’s end.

swrighteconomy the inflation in restaurant prices will kill off the trade

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