Data published by the Federal Statistical Office (FSO) showed that in August the growth of real retail sales (adjusted for sales days and holidays) accelerated to 3.2% per year compared with +2.9% in July (revised from +2.7%). This was the strongest growth since February 2022. Economists had expected a 2.6% increase. The increase in real growth can be explained by the declining inflation. Meanwhile, on a monthly basis, real retail sales rose by 0.4% after an increase of 1.4% a month earlier.
The data also showed that adjusted for sales days and holidays, retail sales excluding service stations increased by 3.2% per year in real terms. As for sales of food, beverages and tobacco products, they increased by 2.5% per annum in real terms, while sales of non-food products increased by 2.6% per annum in real terms.
Meanwhile, seasonally adjusted retail sales excluding service stations increased by 0.2% (in real terms) relative to September. Sales of food, beverages and tobacco increased by 0.6% m/m in real terms, while sales of non-food products fell by 0.4% (in real terms) compared to July.