Jan 31 (Reuters) -Australian shares rose slightly on Tuesday, set for their best month in more than two years, as investors globally awaited a slew of central bank policy decisions, including from the U.S. Federal Reserve.

The S&P/ASX 200 index .AXJO advanced 0.2% to 7,498.6 by 23:45 GMT, with gains in miners outweighing losses in technology and energy stocks. The benchmark index has risen more than 6.6% so far this month and is on track for its biggest monthly gain since November 2020.

Global stocks retreated overnight ahead of central bank policy announcements and data that may shed light on whether progress has been made in bringing down inflation. MKTS/GLOB

In Australia, retailers Woolowrths WOW.AX and Coles COL.AX led the gains, rising 1.9% and 2.2% respectively.

Meanwhile, Australian retail sales recorded the biggest drop in more than two years in December, as rising prices and higher interest rates finally had an impact on spending, a surprisingly soft result that suggests tighter policy is working as intended.

Miners .AXMM added 0.3%, with iron ore giants BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue Metals FMG.AX all trading in positive territory.

Healthcare stocks .AXHJ rose 1%. Resmed's Australian shares RMD.AX jumped about 3%, while CSL CSL.AX was up 1.1%.

Energy stocks .AXEJ fell 0.4% on weak crude oil prices. Sector majors Woodside WDS.AX and Santos STO.AX slipped 0.6% each.

Among individual stocks, Origin Energy ORG.AX was down 0.8% even after the company reported a jump in second-quarter revenue from its stake in the Australia Pacific LNG (APLNG) project.

Software services provider Megaport MP1.AX was the top loser on the benchmark index, declining more than 20% on weak trading update.

Bubs Australia BUB.AX plunged 12.7% and was staring at its worst session since Nov. 28, after the dairy producer posted a 28% drop in second-quarter revenue, hurt by weak performance in China.

Lithium miners Pilbara Minerals PLS.AX and Mineral Resources MIN.AX were down over 3% each.

New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2% to 12,008.3.

($1 = 1.4172 Australian dollars)

Reporting by Rishav Chatterjee in Bengaluru; Editing by Subhranshu Sahu

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