Eurozone Retail Sales Drop Most In 10 Months

Eurozone retail sales logged its biggest decline so far this year in October on weaker food and non-food products turnover as record inflation squeezed consumer spending, data published by Eurostat showed on Monday.

Retail sales slid 1.8 percent month-on-month in October, in contrast to the 0.8 percent increase in September. This was slightly bigger than economists' forecast of -1.7 percent.

Sales declined the most since December 2021, when turnover was down 2.6 percent.

The monthly fall was driven by the 2.1 percent decrease in non-food products turnover and 1.5 percent fall in sales of food, drinks and tobacco.

Within non-food products, mail orders and internet sales decreased 0.9 percent, which was partially offset by the 0.3 percent gain in automotive fuel sales in specialized stores.

On a yearly basis, retail sales declined 2.7 percent after staying flat in September. Sales were expected to ease 2.6 percent.

The retail turnover in the EU27 posted a monthly fall of 1.7 percent in October, reversing prior month's 0.8 percent gain. Annually, sales were down 2.4 percent versus a 0.3 percent increase in September.

Among member states of the EU, the largest monthly decreases in the retail trade volume were registered in Austria, Croatia and Belgium. Meanwhile, increases were observed in Luxembourg, Cyprus, Malta, Portugal and Spain.

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