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Nationally, retail sales shot up 1.4 per cent in November, almost five times the median market forecast of 0.3 per cent, putting more pressure on the Reserve Bank board to raise interest rates when it next meets in the first week of February.JPMorgan senior economist Helen Kevans said the surprise November result reaffirmed her forecast for a February rate rise, "barring any unexpected shock".CommSec chief economist Craig James said the sales clearly narrowed the odds for the RBA board to move on rates. "The Reserve Bank would have a few concerns about this level of spending," he said.
