NGM: the recovery of consumption is becoming more and more dynamic, retail turnover increased by 4.2 percent in March, which means that consumption has increased for three consecutive months

By: Trademagazin Date: 2024. 05. 07. 13:20

Based on the latest data from the Central Statistical Office (KSH), the volume of retail trade increased by 4.2 percent in March 2024 compared to the same period of the previous year, thus, looking at the year-on-year comparison, the volume of retail trade increased continuously by 2.2 percent in the first quarter of this year. – highlighted the Ministry of Economic Affairs (NGM) in its commentary on the latest statistical report on Tuesday.

Compared to the previous month, the volume of retail trade increased by 2 percent. On a monthly basis, i.e. compared to the previous month, this represents the highest growth rate since March 2022 – the analysis of the ministry emphasized.

In March, the turnover of food and food-related mixed stores increased significantly, by 5.7 percent on an annual basis. This meant that in March, families spent HUF 807 billion, i.e. HUF 66.6 billion more, than in March last year, in food and food-related mixed stores alone. This is a sign of the recovery of consumption and the gradual dissolution of the precautionary motive – NGM praised the development.

As it was established, the retail turnover has passed its lowest point and is already in the recovery phase. All this was supported by the effective and efficient measures taken by the government to reduce the rate of inflation to 3.6 percent by March 2024.