BERLIN, Aug 01 (Reuters): German retailers ended the first half of 2022 with the sharpest year-on-year sales drop in nearly three decades, as inflation, the Ukraine war and the coronavirus pandemic take their toll, data showed on Monday.
Retail sales in June decreased 8.8 per cent in real terms compared with the same month last year, the biggest drop since the time series began in 1994, said the Federal Statistical Office.
Analysts polled by Reuters had predicted a drop of 8.0 per cent.
Retail sales also unexpectedly fell compared with the month before: June retail sales fell 1.6 per cent in real terms, versus analysts' predictions of a 0.2 per cent increase in a Reuters poll.
Food retail sales in particular saw a decrease of 1.6 per cent in real terms compared with the previous month, which is due to higher prices for groceries and an increase in restaurant sales, according to the office.
German retail sales post biggest year-on-year slump since 1994
FE Team | Published: August 01, 2022 23:50:24
German retail sales post biggest year-on-year slump since 1994
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