NGM: the expansion of consumption has been unbroken for the fifth month

By: Trademagazin Date: 2024. 07. 05. 12:05

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The collapse of inflation and the dynamic growth of real wages played an important role in the expansion of retail trade, which, together with the strengthening of consumer confidence, gradually dissolves the motive of caution – stated the Ministry of National Economy (NGM) in its commentary on the May consumption data on Friday.

According to KSH data, the volume of retail trade increased by 3.6 percent in May 2024 compared to the same period of the previous year, so consumption increased by 2.7 percent overall in the first five months of the year on an annual basis, the NGM recalled.

The ministry highlighted as an additional positive that in May compared to the previous year, the volume of turnover in food and food-related mixed retail increased by 6.3 percent, within which the sales volume of food-related mixed stores, which account for 75 percent of food retail, increased by 6.8 percent. .