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Financial News: Eurozone Retail Sales Unexpectedly Fall In June

Eurozone Retail Sales Unexpectedly Fall In June

08/03/2022 - 06:26:00 (RTTNews)

(RTTNews) - Eurozone retail sales declined unexpectedly in June as high inflation weighed on spending, figures from Eurostat revealed on Wednesday.

The retail sales volume decreased 1.2 percent on a monthly basis, confounding expectations for an increase of 0.1 percent and May's 0.4 percent gain.

Food, drinks and tobacco sales were down 0.4 percent and non-food product sales decreased 2.6 percent. At the same time, automotive fuel in specialized stores slid 1.1 percent. Year-on-year, retail sales logged a decrease of 3.7 percent, reversing a 0.4 percent rise in May. Economists had forecast an annual fall of 1.7 percent.

Retail sales in the EU27 fell 1.3 percent on month and declined 2.8 percent from the same period last year.

Another report from the statistical office showed that euro area producer price inflation remained elevated in June despite a slowdown.

Producer price inflation came in at 35.8 percent in June, slower than the 36.2 percent rise in May. The expected rate was 35.7 percent. The major reason for the strong growth was energy prices, which surged 92.8 percent.

Excluding energy, producer price inflation eased to 15.6 percent from 16.0 percent a month ago.

On a monthly comparison, producer prices moved up 1.1 percent, following a 0.5 percent gain in May. Prices were expected to rise 1.0 percent.

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