October 06, 2022 09:00 GMT
EUROZONE AUG RETAIL TRADE -0.3% M/M (= FCST); JUL -0.4% M/M
EUROZONE AUG RETAIL TRADE -2.0% Y/Y (FCST -1.7%); JUL -1.2% Y/Y
- Eurozone retail trade contracted for the third consecutive month in August, slumping by -0.3% m/m and -2.0% y/y and led by contractions in the Netherlands and Germany.
- The contraction was lessened by the increase in automotive fuels sales, up 3.2% m/m in August as fuel prices bounced.
- Food contracted by 0.8% m/m as consumers dialled down spending. The food/alcohol/tobacco CPI increased by 1.0% m/m alone in the September euro area flash estimate, this is up 11.8% on September 2021 prices.
- Despite the continued downwards trend, retail trade for the euro area remains above pre-pandemic levels. This data is however a clear signal of declining consumer demand due to soaring inflation, which will drag on growth for the euro area.
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