Germany sees biggest drop in retail sales since 1994

In March, real sales for food in Germany slumped by 10.3 percent: the largest year-on-year decline since 1994, TASS reports

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The German Federal Statistical Office (Destatis) notes that in March 2023, the real turnover in the food retail sector decreased by 1.1 percent compared to February. In annual terms, its reduction amounted to 10.3 percent.

“This refers to the sharpest decline in turnover since 1994, when such observations began,” the department said.

Experts underline that the reason for this is a significant increase in food prices in Germany. Thus, in annual terms, prices increased by 22.3 percent.