Germany's annual retail sales turn to contraction in August

ANKARA

Retail sales in Germany fell 1.3% month-on-month in August, as high inflation cuts consumers purchasing budget and spending, according to Federal Statistical Office (Destatis) data released on Friday.

The figure followed a downwardly revised 0.7% rise in July, while the market forecast was a 1.1% decline for August.

Compared with August 2021, retail trade recorded a 4.3% decrease in turnover in real terms, Destatis said.

Germany's annual consumer inflation rose to a new peak in September, hitting 10%, according to provisional data released in September.