Eurostat, the statistical office of the European Union (EU) reported on Wednesday that the seasonally adjusted volume of retail trade in the Eurozone fell by 0.6 percent m-o-m in July, following a revised 1.2 increase m-o-m in June (originally a 1.1 percent m-o-m gain). That marked the largest monthly drop in retail trade since December 2018.

In y-o-y terms, adjusted retail sales grew by 2.2 percent, following a revised 2.8 percent surge in June (originally a 2.6 percent increase).

Economists had forecast the Eurozone’s retail sales in July would fall 0.6 percent m-o-m and would increase 2.0 percent y-o-y.

According to the report, the July decrease was attributable to the lower retail sales of non-food products (-1.0 percent m-o-m) and food, drinks and tobacco (-0.3 percent). Meanwhile, retail sales of automotive fuels remained unchanged.

In y-o-y terms, the retail sales rose by 2.8 percent for non-food products, by 2.0 percent for automotive fuel and by 1.3 percent for food, drinks and tobacco.