- Prior -2.4%
- Retail sales -4.3% vs -5.0% y/y expected
- Prior -8.6%
Despite an increase compared to March, don’t let this distract you from the fact that German consumption activity continues to sit at rather depressed levels since the Covid pandemic. Looking at the details, real sales in the retail sector with food have been falling for 22 consecutive months(!) compared to the same month last year. And that underscores the impact of high inflation.