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Retail Sales Edge Higher, Headwinds Appearing

EUROZONE DATA
MNI (London)

EUROZONE FEB RETAIL SALES +0.3% M/M, +5.0% Y/Y; JAN +8.4%r Y/Y

EZ JAN RETAIL SALES REVISED UP 0.6PP to +8.4% Y/Y

  • In February, eurozone retail trade rose 0.3% m/m (Jan: +0.2%), milder than the +0.5% m/m forecast.
  • Retail trade grew by +5.0% y/y, 3.4pp slower than the strong upwardly-revised January print. Comparison to harsh lockdowns of Winter 2020/2021 is boosting this number.
  • Automotive fuels retail trade saw a 3.2% increase, followed by +0.8% for non-food products.
  • This data is largely pre-Ukraine invasion and acts as a benchmark for March data, which will incorporate the effects of substantial declines in consumer confidence.

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