Eurozone retail sales hold steady in June

Retail sales in the 19 countries that share the euro were stable in June compared with May, in line with economists’ expectations, according to the latest figures from Eurostat.

Sales of non-food products rose 0.3%, while sales of food, drinks and tobacco nudged up 0.1%.

On the year, eurozone retail sales increased 1.6%, which was a touch weaker than estimates of a 1.7% jump.

In the EU-28 group of nations, retail sales were down 0.2% on the month and up 2.4% on the year.

Mike Read, co-founder of app-only trading network Pelican, said: “With high levels of uncertainty engulfing the eurozone in the run up to the UK’s vote on EU membership, it isn’t too surprising that consumers held their wallets firmly in June.

“However, ECB president Mario Draghi will be well aware that higher oil prices left shoppers with less money in their pockets to spend in June, which may have weighed heavier on the minds of consumers than the outcome of the UK’s historic vote.”