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- German Retail Association blames inflation, rising energy costs for grim outlook
German Retail Association blames inflation, rising energy costs for grim outlook
The German Retail Association maintained the nominal 2022 outlook of 3% sector growth, expecting a 2% contraction in the real term due to rising inflation.
Key details
“Blamed rising inflation and energy costs and poor consumer sentiment for the outlook.”
“Brick-and-mortar turnover would grow 1.4% in nominal terms and online retail 12.4%. Total turnover would hit 607.1 billion euros.”
"Rising inflation is massively affecting shoppers."
Market reaction
The above report accentuates concerns over a likely recession in the euro area, smashing EUR/USD to the weakest level in 20 years at 1.0301. The pair is down over 1% on the day.
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