Germany Retail Sales Mom

German retail sales dropped by 1.9% month-over-month in February 2024, missing market estimates of a 0.3% growth while quickening from a marginally revised 0.3% fall in January. It was the fourth straight month of decline in retail trade and the steepest pace since October 2022, reflecting the impact of elevated inflation and high borrowing costs. Sales of food fell by 1.7% while those of non-food shrank by 1.0%. Year-on-year, retail trade decreased by 2.7% in February, the fourth successive month of contraction and the fastest fall in five months. Last year, retail turnover contracted 3.3%, much steeper than a 0.7% fall in 2022.