Germany's annual retail sales plummets 8.8% in June

By Tuba Sahin

ANKARA (AA) - Retail sales in Germany fell 8.8% year-on-year in June, the largest decline since 1994 when the country started recording data, the country's Federal Statistical Office (Destatis) said on Monday.

On a monthly basis, the turnover of retail enterprises was down 1.6% versus an upwardly revised 1.2% rise in May, it said.

The market forecast for retail sales was an 8% decrease on an annual basis and a 0.2% gain on monthly basis.

The decline stemmed from surging consumer prices which cut consumers purchasing budget and spending.