Italy’s retail sales surprisingly shrink in August

Retail sales in Italy unexpectedly shrank in August, the latest data by the National Institute of Statistics showed.

Sales dropped 0.5% from a month ago in August, while offsetting a 0.5% surge in July.

In comparison, a consensus of analyst estimates had pointed to a 0.2% rise.

In August, retail turnover for non-food items dropped 0.7% month-over-month, while food sales were largely unchanged.

In annual terms, Italy’s retail sales went up 0.8% in August, after a 1% surge in July.

The EUR/GBP currency pair settled 0.52% lower at 0.8359 on Friday. For the week, the minor currency pair went up 0.25%.