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EZ Retail Trade: M/M slightly lower than exp; Y/Y beats expectations


Eurozone volume of retail trade was marginally below consensus at +0.1% M/M in January (vs +0.2% M/M consensus, -0.6% M/M revised prior). On an annual basis, retail trade volume continued to decline, albeit a smaller decline than expected at -1.0% Y/Y (vs -1.3% Y/Y consensus, -0.5% Y/Y revised prior).

  • Both 'Food, drinks, tobacco' and fuel contributed gains M/M, with the former seeing the first M/M rise since September 2023 at +1.0% M/M, whilst 'Automotive fuel ' trade volume printed it's fifth consecutive M/M increase at +1.7% M/M, making volume of trade for the category on an annual basis positive for the first time since March 2023.
  • Meanwhile, 'Non-food products (ex automotive fuel)' saw a further slight decrease of -0.2% M/M, following the -0.9%M/M print in December. On a Y/Y basis, January's print of -1.4%Y/Y was the steepest reduction since September 2023.
  • Of the major eurozone members Germany saw a -0.4% M/M fall while France saw an increase of +1.2%M/M and the Netherlands increase +0.3%M/M. French and Italian data is still to be publicly released.

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