Eurostat, the statistical office of the European Union (EU) reported on Friday that the seasonally adjusted volume of retail trade in the Eurozone fell by 2.3 percent m-o-m in July, following a revised 1.8 percent m-o-m advance in June (originally a 1.5 percent m-o-m gain).

In y-o-y terms, adjusted retail sales climbed by 3.1 percent, following a revised 5.4 percent surge in June (originally a 5.0 percent jump). This was the smallest gain in five months.

Economists had forecast the Eurozone’s retail sales in July would increase 0.1 percent m-o-m and 4.8 percent y-o-y.

According to the report, the July monthly plunge was attributable to the lower retail sales of non-food products (-3.5 percent m-o-m), automotive fuels (-1.6 percent m-o-m) and food, drinks and tobacco (-0.7 percent).

In y-o-y terms, all three major groups - non-food products (+4.8 percent), food, drinks and tobacco (+1.1 percent) and automotive fuel (+0.6 percent) - recorded gains in retail sales in July.