Germany’s retail sales drop in March

By Tuba Ongun

ANKARA (AA) - Germany's retail sales dropped in March, against the market estimate of a gain, according to official data released on Tuesday.

The real (price-adjusted) turnover of retail enterprises in Germany declined 2.4% month-on-month in March, following a downwardly revised 0.3% fall in February, Destatis data showed.

Retail sales were down for the fourth consecutive month as surging prices cut consumers' affordability.

In March, retail sales for food dropped by 1.1% from a month ago and non-food was down 2.3%.

On an annual basis, retail sales dove 8.6% in March, after a 7.1% decline in February.

Real sales for food slumped by 10.3%, the largest year-on-year decline since 1994.