Eurozone retail sales showed modest weakness in December, with volumes declining -0.2% MoM, below expectations of a -0.1% MoM decline. Despite the drop, the annual rate at 1.9% YoY was in line with expectations and up from 1.6% YoY in November.

• Food sector showed weakness as -0.7% MoM
• Non-food products grew modestly at 0.3% MoM
• Automotive fuel mostly flat at 0.2% MoM
• On an annual basis, non-food products led growth +3.1% YoY while food was much slower at 0.2% YoY
• Euro area retail volume increased 1.0% in 2024 compared to 2023