In a surprising shift, Italy's retail sales saw a downturn in June, following a period of recovery in the previous month, according to data released by the statistical office ISTAT on Friday.
The value of retail sales decreased by 0.2% on a month-to-month basis, which counteracted the 0.4% recovery observed in May. Many economists had projected a modest growth of 0.2%. Both food and non-food goods experienced this 0.2% decline in sales.
Furthermore, the volume of retail sales mirrored the value decline, contracting by 0.2% in June in contrast to the 0.1% rebound noted in May.
Annually, retail sales decreased by 1.0% in June, a stark contrast to the 0.5% rise recorded in the previous month. This overall dip in demand was predominantly driven by a 1.7% downturn in non-food sales.
