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Euro Area October retail sales increase less than expected

Retail sales in the Euro Area rose at a monthly rate of 0.1% in October, while snapping a four-month streak of decreases or stagnant growth. In comparison, market consensus had pointed to a 0.2% growth.

Consumer demand still remained weak because of persistently high inflation and higher interest rates.

In October, sales of food, drinks and tobacco dropped 1.1%, or at the steepest monthly rate since March.

Sales of automotive fuel decreased 0.8% month-over-month, Eurostat data showed.

On the other hand, sales of non-food products rose 0.8% month-over-month, following two consecutive months of declines.

Online retail trade also expanded, by 2.2%.

In annual terms, retail sales in the bloc decreased 1.2% in October, compared with market consensus of a 1.1% drop.

The Euro was last inching down 0.06% on the day against the US Dollar, with the EUR/USD currency pair trading at 1.0790. The major Forex pair slipped to 1.0775 earlier on Wednesday, or its weakest level since November 14th.

The single currency has recently been under pressure following a series of weak macro data coupled with some dovish remarks by ECB officials.

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