Analysts: in August, fuel turnover maintained the growth of retail trade turnover
In August, fuel traffic was almost the only factor that kept retail sales afloat, and analysts speaking to MTI do not rule out a decrease in consumption in the future due to the fall in real wages, utility bills and precautionary savings in preparation for the difficult economic situation.
According to the report published by the Central Statistical Office (KSH) on Thursday, the volume of retail trade in August exceeded the previous year by 3.3 percent according to raw data, and by 2.4 percent adjusted for calendar effects.
According to Dávid Németh, the leading macroeconomic analyst of K&H Bank
the increase in retail sales is almost only due to fuels. The decrease in demand in retail trade continued, which can be explained primarily by the rise in prices and, in connection with this, the decline in purchasing power. August is the third month in order – after June and July – when the turnover of shops selling food and food-related products moderated on an annual basis, but the turnover of non-food products is also increasingly modest, essentially stagnated in August. In practice, fuel accounts for the minimal increase in total traffic
he stated.
In the coming months, purchasing power will decrease even more, and real wages will fall due to high inflation. In addition, there was an increased demand for fuel due to summer travel in August, and this factor will be eliminated in the following months. According to Dávid Németh, based on the current outlook, retail turnover will most likely shrink in the last quarter of this year and the first quarter of 2023.
MTI
Related news
KSH: Gross average earnings were HUF 605,400 in February 2024, 14.0 percent higher than a year earlier
In February 2024, the gross average earnings of those employed…
Read more >The volume of beef imports increased by 24 percent
Based on KSH data, Hungary’s live cattle exports increased by…
Read more >The processing sales price of Trappist cheese has decreased
The producer price of raw milk, expressed in national currency,…
Read more >Related news
Grilling cheese didn’t go up in smoke
The average price of grilling cheese is much higher (nearly…
Read more >What do shoppers say about the new retail tools?
At the beginning of the year, Consumer Panel Hungary GfK–YouGov asked panel…
Read more >Special foods ranking: 1. Diabetic, 2. Low-carb, 3. Lactose-free
Different special diets and foods are frequently discussed, and it…
Read more >