Financial News: Hungarian Retail Sales Fall For First Time In

Hungarian Retail Sales Fall For First Time In Nearly 2 Years

02/06/2023 - 07:12:00 (RTTNews)

(RTTNews) - Hungary's retail sales volume declined for the first time in 21 months in December, preliminary figures from the Central Statistical Office showed Monday, mainly due to a slump in food sales as high inflation and the rising unemployment hurt households' purchasing power.

The retail sales volume decreased a calendar-adjusted 3.9 percent year-on-year following a 0.6 percent gain in November. This marked the first fall in the measure since March 2021, when sales shrank 3.4 percent. Sales volumes decreased 8.3 percent annually in specialized and non-specialized food shops. The non-specialized food and beverages shops logged an 11 fall in sales, and this segment accounts for 78 percent of food retailing. Volumes shrank 0.4 percent in non-food retailing. Sales of second hand goods surged 35 percent. Sales also grew strongly in the pharmaceutical, medical goods and cosmetics shops, in textiles, clothing and footwear shops, and in books, computer equipment and other specialized stores.

<b>Read more</b>: <a href=https://www.rttnews.com/3336935/hungary-inflation-surges-to-24-5.aspx target=_blank >Hungary Inflation Surges To 24.5%</a> <a href=https://www.rttnews.com/3339812/hungary-jobless-rate-rises-to-3-9.aspx target=_blank >Hungary Jobless Rate Rises To 3.9%</a> Sales of furniture and electrical goods and those in non-specialized shops dealing in manufactured goods decreased.

Mail order and internet retailing sales, which account for 8.8 percent of all retail sales, dropped 7.1 percent year-on-year.

The phasing out of the fuel price cap at the beginning of December led to a slowing in the volume growth of sales at automotive fuel stations, the agency said. Automotive fuel sales grew 1.3 percent. Sales of motor vehicles and parts, which are excluded from the retail sales data, decreased by 2.1 from a year ago.

On a non-adjusted basis, the volume of retail sales decreased 4.8 percent year-on-year in December. For the full year 2022, the retail sales volume rose a calendar-adjusted 5.3 percent from the previous year.

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