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Retail Sales Slump to 14-Month Low

GERMAN DATA
MNI (London)

GERMAN APR RETAIL SALES -5.4% M/M, -0.4% Y/Y (REAL, SA)

  • April retail turnover contracted by 5.4% m/m in Germany, slumping substantially further than the forecasted -0.5% m/m. Real retail sales saw a further 0.4% contraction compared to April 2021.
  • This implied real turnover sinking to the lowest since February 2021, as German consumer demand wavers due to soaring inflation recorded jumping 0.5pp to +7.9% y/y in the flash print for May.
  • Stagnating growth outlooks in the region and minimal evidence of wage growth continue to underline the ECB's dovish policy, seen holding off on hikes in the June meeting.

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