The retail sales volume index slowed down to 0.6% y/y annual growth rate in August, the statistics office INS reported. The seasonally adjusted index remained relatively constant (+0.1% m/m) for the third month in a row, at a level close to that seen in November 2022.

The sales index in the 12-month period to August increased by 2.9% y/y, the slowest rate since March 2021.

Historically, the seasonally-adjusted sales in August were 20% higher than the average 2019 level, with a stronger (+29%) advance of the non-food sales.

The non-food retail sales, typically reflecting consumer confidence, slowed to 0.5% y/y in August – the second-slowest rate since the Covid-19 lockdown after April 2023 (-1.2% y/y).

The food sales increased by 1.9% y/y (+1.6% m/m), possibly as the government’s scheme aimed at capping the prices came into force, and the food prices indeed dropped by nearly 2% m/m (+4.6% y/y).

The car fuels sales remain moderate (-1.1% y/y) at a level close to those seen in early 2022 despite the visible comeback (+2.9% m/m, seasonally adjusted terms) in August.

iulian@romania-insider.com

(Photo source: Designer491/Dreamstime.com)