Bankinter| Spain’s retail sales growth moderates to +0.3% year-on-year in January 2024 from +2.7% year-on-year revised down previously (from +3.1%), in data at constant prices and adjusted for seasonal and calendar effects.
Assessment: Adjusted retail sales growth accelerates the moderation it has been showing since the end of last year. This is a negative surprise in view of the good performance of Social Security enrolment at the beginning of the year. Adjusted monthly change -0.5% month-on-month, with the biggest decline by type of monthly product occurring in Food (-1.1% month-on-month).
