German retailers ended the first half of 2022 with the sharpest year-on-year sales drop in nearly three decades, as inflation, the Ukraine war and the coronavirus pandemic take their toll, Reuters reports.
Retail sales in June decreased 8.8% in real terms compared with the same month last year, the biggest drop since the time series began in 1994, said the Federal Statistical Office.
Analysts polled by Reuters had predicted a drop of 8.0%.
Retail sales also unexpectedly fell compared with the month before: June retail sales fell 1.6% in real terms, versus analysts’ predictions of a 0.2% increase in a Reuters poll.
Food retail sales in particular saw a decrease of 1.6% in real terms compared with the previous month, which is due to higher prices for groceries and an increase in restaurant sales, according to the office.
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