Retail Sales In Germany In July Fell 0.8 Percent
(MENAFN- Famagusta Gazette) Retail sales in Germany in July fell 0.8 percent compared to the previmonth both in real and in nominal terms, according to preliminary figures published by the federal Statistical Office (Destatis). Compared with the previyear, retail sales adjusted for inflation were down 2.2 percent but up 2.7 percent in nominal terms. The“difference between the nominal and real results reflects the significant increase in retail price levels,” Destatis said.
Price-adjusted sales in Germany's food sector have been declining for more than two years, while nominal sales increased.“Consumers bought less food compared with the same month of the previyear, but had to spend significantly more money on it,” Destatis said.
In August, inflation fell slightly to 6.1 percent, while the prices of food products continued to show above-average growth rates of 9 percent year-on-year.
Although German retailers are still troubled by supply issues, the massive bottlenecks seen in 2022 have eased. In July, the number of affected retailers fell to 36.6 percent, according to a recent survey conducted by the ifo Institute for Economic Research. Compared with the previyear, the figure has roughly halved.
“Despite more stable supply chains, the business environment remains tense for many retailers,” ifo expert Patrick Hoeppner said.“At the same time, the current period of economic weakness, combined with continued high inflation, is weighing on demand.” ■
Author Famagusta Gazette
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