Data published by the Federal Statistical Office (Destatis) showed that retail sales rose by 1.2% in September after a similar increase in August (revised from +1.6%). It was the third monthly increase in a row. Economists had expected sales to decline by 0.5%. In annual terms, retail sales rose by 3.8% after a 2.2% increase in August (revised from +2.1%). This was the strongest growth since February 2022. Consensus estimates suggested a 1.6% increase.
The Destatis said that food sales declined by 0.8% m/m in September. Compared to September 2023, food sales increased by 0.3%. This increase in real sales combined with an increase in nominal sales (+2.2%) 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 1.7% on a monthly basis and by 6.1% per year. As for sales via the Internet and by mail, sales increased by 3.1% compared to August and by 17.9% per annum.
A separate report showed that import prices fell by 0.4% in September after a similar decline in August. Economists also expected a decrease of 0.4%. In annual terms, import prices fell by 1.3% after a 0.2% increase in August. Consensus estimates suggested a decrease of 1.1% per annum. Export prices were 0.4% higher than in September 2023. The year-on-year change rate stood at +0.8% in both August and July. Compared with August, export prices were down 0.1% in September.