The expansion of consumption has been unbroken for eight months, the growth of retail turnover accelerated to 4.1 percent in August

In the last month of summer, according to the adjusted data, the volume of retail trade increased by 4.1 percent compared to the same period of the previous year. The value of the turnover increased by HUF 70 billion to HUF 1,668 billion. Retail turnover rose by 0.8 percent compared to the previous month.

In August, the expansion of retail trade reached a particularly high level in the case of food-type mixed stores, which account for 76 percent of food retail sales, where the sales volume reached HUF 636 billion, an increase of 8.9 percent compared to the previous year. In the first eight months of the year, the increase in the volume of retail trade reached a total of 2.8 percent, while the value of retail trade rose to HUF 12,500 billion, NGM recalled.

According to the ministry, the continuous and accelerating expansion of retail trade is primarily made possible by the 11-month dynamic increase in real wages (the most recent increase was 9.4 percent), as well as the reduced inflation to a low level. The government remains committed to the fair and intensified competition in retail trade, and therefore, in addition to the ongoing consumer protection inspections, it continues to maintain the operation of the online price monitor, confirmed the NGM.

In the coming months – according to expectations – the dissolution of the motive of caution and the steady recovery of consumption, thus the growth of retail sales, may continue unabated. As a result, the strengthening of retail traffic and the dynamic growth of tourism will continue to be the engine of economic expansion – wrote the Ministry of National Economy.