Sharp decline in retail sales in the Eurozone in October

Retail sales in the Eurozone fell sharply in October, Eurostat reported today. Retail sales fell 1.8% month-on-month after rising 0.8% in September. On a year-over-year basis, retail sales fell 2.7%.

The decline was led by Germany and France, Europe’s largest economies, both of which posted declines of nearly 3%.

To a large extent, the decline was due to high inflation and the resulting shrinking purchasing power of consumers.

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