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EZ Retail Trade was broadly in-line with expectations


On a monthly basis, Eurozone volume of retail trade was down -0.3% M/M in September (vs -0.2% consensus, -0.7% M/M revised prior from -1.2% M/M). The upward revision to the August data saw the Y/Y print come in a little higher than consensus at -2.9% Y/Y (-3.1% Y/Y consensus, -1.8% Y/Y revised prior from -2.1% Y/Y).

  • This still marked a fall in Y/Y-terms versus August. The increased rate of decline was largely due to volume of retail trade in ‘Non-food products (except fuel)’ declining for the first time since May 2023 by -3.4% Y/Y.
  • However, the rate of decline in volume of in ‘Food, drinks, tobacco’ was only -1.0% Y/Y from -2.4% Y/Y in August. The Y/Y print has been less negative in each consecutive month since March.
  • The decline in ‘Automotive fuels’ remained relatively stable at -7.5% Y/Y.

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