Germany's annual retail sales turn to contraction in August
Turnover of retail enterprises down 1.3% on monthly basis, Destatis data shows
By Tuba Sahin
ANKARA (AA) - Retail sales in Germany fell 1.3% month-on-month in August, as high inflation cuts consumers purchasing budget and spending, according to Federal Statistical Office (Destatis) data released on Friday.
The figure followed a downwardly revised 0.7% rise in July, while the market forecast was a 1.1% decline for August.
Compared with August 2021, retail trade recorded a 4.3% decrease in turnover in real terms, Destatis said.
Germany's annual consumer inflation rose to a new peak in September, hitting 10%, according to provisional data released in September.
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