Finance
Italy inflation-adjusted retail sales fell in 2022
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ROME (Reuters) -Italian retail sales increased in value terms but decreased in volume in 2022 compared to the previous year, with consumers suffering from high inflation, data showed on Wednesday.
ROME (Reuters) -Italian retail sales increased in value terms but decreased in volume in 2022 compared to the previous year, with consumers suffering from high inflation, data showed on Wednesday.
National statistics bureau ISTAT reported that sales increased 4.6% in value terms against a 0.8% decline in volume, with the contraction in food goods (-4.2% in volume) outweighing a 1.9% increase in non-food products.
Consumer price inflation in Italy based on the EU-harmonised index grew by 8.7% in 2022 – the largest increase in more than 30 years – driven by soaring energy prices.
In December alone retail sales fell 0.7% percent in volume terms after a +0.4% rise in November.
In unadjusted year-on-year terms they were down 4.4%.
(Reporting by Valentina Consiglio, editing by Gavin Jones)
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured by the Consumer Price Index (CPI).
Consumer price inflation is the rate at which the prices of a basket of consumer goods and services rise over time, indicating the cost of living.
The value of retail sales is the total monetary amount of goods sold by retailers over a specific period, reflecting consumer spending trends.
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