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Financial News: Eurozone Retail Sales Rise Most In 4 Months

Eurozone Retail Sales Rise Most In 4 Months

04/04/2017 - 07:09:00 (RTTNews)

(RTTNews) - Eurozone retail sales increased at the fastest pace in four months in February, largely reflecting higher clothing and footwear sales.

Retail sales climbed 0.7 percent month-on-month in February, faster than the revised 0.1 percent rise seen in the prior month, data from Eurostat showed Tuesday. Sales were expected to grow 0.5 percent.

Food sales advanced 0.7 percent and non-food sales grew 0.9 percent in February. Sales of clothing and footwear moved up 2.2 percent.

On a yearly basis, retail sales growth improved to 1.8 percent in February from a revised 1.5 percent in January. Sales growth was forecast to slow to 1 percent.

January's month-on-month retail sales figure was revised from -0.1 percent and the annual growth from 1.2 percent.

February's decent rise in Eurozone retail sales provides reassurance that the recent markedly higher inflation has not sent consumers into their shells, IHS Markit economist Howard Archer said.

With Eurozone consumer price inflation likely to hover around 1.5 percent over the coming months and earnings growth unlikely to pick up markedly in the near term at least, further decent improvement in Eurozone labor markets looks to be key to healthy consumer spending, Archer added.

Sales in the EU28 gained 0.7 percent from January and by 2.2 percent from February 2016.

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