Euro Zone Retail Sales Fall Much More Than Expected In August

By Donna Ahern
Euro Zone Retail Sales Fall Much More Than Expected In August

Euro zone retail sales fell much more than expected in August, data recently showed, pointing to weaker consumer demand as inflation remains high.

The European Union's statistics office Eurostat said retail sales in the 20 countries sharing the euro fell 1.2% month-on-month for a 2.1% year-on-year decline in August.

Economists polled by Reuters had expected a 0.3% month fall and a 1.2% year-on-year decline.

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The monthly fall was caused mainly by a sharp drop in mail orders and shopping on the internet which fell 4.5% and a drop in the sale of petrol, down 3.0%.


Year-on-year, the sales of fuel was even more pronounced at 7.7% and there was a 3.2% fall in the sales of food drinks and tobacco.

Euro zone inflation was 5.3% in August, well above the European Central Bank's target of 2.0%.

News by Reuters, edited by Donna Ahern, Checkout. For more retail stories, click here. Click subscribe to sign up for the Checkout print edition.

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