Data published by the Federal Statistical Office (Destatis) showed that retail sales fell by 1.2% in April, partially offsetting the March increase (+2.6%, revised from +1.8%). It was the fifth drop in the last six months. Economists had expected sales to decline by only 0.1%. In annual terms, retail sales fell by 0.6% after a 1.9% decline in March (revised from +0.3%). Consensus estimates suggested a 1.0% drop.
The Destatis said that food sales declined by 3.7% m/m in April. Compared to April 2023, food sales fell by 1.5%. This decrease in real sales combined with an increase in nominal sales (+0.4%) means that consumers bought fewer products than in the same months of the previous year, but were forced to spend more money on them. Meanwhile, sales of non-food products rose 0.2% on a monthly basis and fell by 0.6% per year. As for sales via the Internet and by mail, sales increased by 2.9% compared to March, but fell by 0.3% per annum.
A separate report showed that import prices rose by 0.7% in April, accelerating compared to March (+0.4%), and exceeding economists' forecasts (+0.5%). In annual terms, import prices fell by 1.7% after a 3.6% decline in March. Consensus estimates suggested a decrease of 1.8% per annum. Export prices in April were 0.2% lower than in April 2023. The year-on-year rate of change was -1.0% in March 2024. Compared with March, export prices were up 0.4% in April.