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Eurozone Retail Trade Weaker Than Anticipated in August as Food Sales Drop

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Weakening of the euro on world currency exchanges.

Eurozone retail sales were smaller than expected in August, as consumers cut spending on food, drinks, and tobacco.

Source: Eurostat.

Euro Stoxx 50 down -2.14%, EUR USD down -0.54%

Retail sales in the 19 countries bloc increased by 0.3% month-on-month in August and were unchanged from a year earlier.

Eurostat stated that food, drinks, and tobacco sales dropped 1.7% month-on-month and by 1.9% year-on-year, holding back the overall index even though sales via mail order and internet increased.

The online sales, which have been strong since the inception of the pandemic, increased 9.0% from July after two consecutive months of declines and were 8.5% higher from a year earlier.

On an annualized basis, the volume of retail trade increased by 1.3% for non-food products and 1.2% for automotive fuels as foods, drinks and tobacco fell by 1.9%

The highest monthly increases in total retail trade were posted in Malta (+2.7%), Ireland (+2.5%), and Slovakia (+2.0%). In contrast, the largest decreases were recorded in Denmark (-1.4%), Estonia, and France (both -1.2%).

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