German retail sales growth slowed more than expected in May

Annual retail sales growth slowed to 1.6 percent in May from 4.6 percent in April. Analysts had expected a less sluggish 3.3 percent increase. In May, retail sales of food products rose 0.5 percent year-on-year, while non-food products rose 2 percent.

Retail sales fell 1.6 percent in one month compared to April, when a more modest 0.6 percent decline was recorded. Retail sales fell for the second consecutive month in May. Compared to April, retail sales of food products fell 1.3 percent and non-food products fell 2.2 percent.