Eurozone retail sales inch higher but miss forecasts

Retail sales in the eurozone rebounded in May after drop the previous month, according to data out on Friday from Eurostat, but rose less than expected.

The volume of retail trade rose by just 0.1% during the month of May, with growth limited by a 0.2% decline in sales for non-food products (excluding fuel).

Food, drinks and tobacco sales were up 0.7% over April, while automotive fuel sales rose by 0.4%.

The small overall increase followed an upwardly revised 0.2% decline in April, which was upgraded from the initial -0.5% estimate. Economists, however, were expecting an increase of 0.2% in May.

Nevertheless, sales were 0.3% higher than May 2023, easing from the 0.6% annual growth seen in April but ahead of the 0.1% reading predicted.