Retail turnover decreased by 4.5%

By: Trademagazin Date: 2023. 03. 07. 12:23

Slightly below expectations, according to the raw data, the volume of retail trade decreased by 3.9%, and adjusted for the calendar effect by 4.5%, while sales revenue jumped by 22.2% to HUF 1,333 billion due to high inflation.

Compared to the previous month, retail turnover decreased by 0.6%, within which the turnover of food and food-type mixed shops increased by 0.5%, the turnover of non-food-type shops decreased by 0.2%, however the discount after the introduction of fuel prices, the turnover of fuel stations fell by 5.3% in one month, following a 19.3% decline in the previous month. Last year, retail sales increased by a total of 5.3%.

The significant slowdown in retail sales was caused by the effect of the sja refund, the 13th month pension, and the six-month gun money, as well as substantially rising inflation and a significant rise in household energy prices for households that exceed the average consumption. However, the turnover of food stores seems to be stabilizing after the sharp decline of last July, despite the effect of further accelerating inflation reducing real incomes, partly due to precautionary savings due to the partial elimination of overheads, and partly despite more conscious purchases and the avoidance of food waste.