Eurozone retail sales nudge higher
By Abigail Townsend
Date: Tuesday 08 Nov 2022
(Sharecast News) - Eurozone retail sales nudged higher in September, official data showed on Tuesday, in line with expectations.
According to Eurostat, the statistical office of the European Union, the seasonally-adjusted volume of retail trade increased by 0.4% in both the Eurozone and the wider bloc in September, matching consensus.
Non-food products and food, drinks and tobacco led the increase, rising 1.0% and 0.4% respectively, while automotive fuels fell by 0.6%.
Year-on-year, the calendar-adjusted retail sales index fell by 0.6% in the Eurozone, compared to a 1.4% decline in August, which was well above consensus for a 1.3% fall. Across the EU, year-on-year retail sales fell by 0.3% in September.
Among individual member states, retail sales volumes in Germany rebounded from August's 1.4% decline, rising 0.9%. In France they were 0.2% higher - compared to a 1.0% rise in August - and 0.2% ahead in Spain. Sales eased 0.1% in Italy.
Melanie Debono, senior Europe economist at Pantheon Macroeconomics, said: "Real consumer spending on goods was hit by rising prices in the third quarter. This trend will continue in the fourth quarter, despite a likely fall in inflation.
"September's outcome, and past months' revisions, mean that over the quarter as a whole, Eurozone retail sales fell by 0.7% after a 0.4% decline in the second quarter.
"Looking ahead, with consumer confidence still in the doldrums and prices for most goods and services still rising, retail sales are more likely to fall again than rise in the fourth quarter."
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