Spanish retail sales grew 1.5% MoM and 4.0% YoY (vs 0.5% YoY) in December. This is the joint highest annual rate in almost two years, and the monthly rate was the strongest since November 2023. Food sales were up 1.0% MoM, and non-food sales were up 2.2% MoM. Gas station sales were also up strongly at 1.7% MoM.