German Retail Sales Fall in October as Inflation Takes Hold

German retail sales fell more-than-expected in October, data showed on Thursday, as inflation had consumers holding back on non-essential purchases at the start of the fourth quarter, Reuters reported. Retail sales were down 2.8% on the month in October. Compared with October 2021, retail sales were down 5.0%. Germany's HDE retail association is forecasting the strongest slump in Christmas sales since 2007, with retail sales in the crucial November-December period seen dropping by 4% year-on-year on a price-adjusted basis. The German economy grew by 0.4% quarter-on-quarter in the third quarter on the back of consumer spending, despite rising inflation rates that hit the double digits in September. Read more.
Location