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KSH: RETAIL SALES UP 3.8% IN NOV

 

Retail sales in Hungary rose by an annual 3.8% in November, the Central Statistical Office (KSH) said on Friday. The increase slowed from 5.7% in the previous month. Adjusted for calendar year effects, retail sales also rose by 3.8%. Adjusted food sales increased by 2.1% and non-food sales were up 4.9%. Vehicle fuel sales climbed by 6.2%. Sales of clothing and footwear shops climbed 29.0%, sales of second-hand shops increased by 27.9%, sales of pharmacies rose by 11.3% and sales of book and computer shops were up 6.6%. Online and mail-order sales edged up 0.9% from a high base. Sales of furniture and appliance stores fell by 7.4%. In absolute terms, retail sales reached 1,276 billion forints (EUR 5.3bn), at current prices. For the period January-November, retail sales rose by an annual 3.2%, according to both unadjusted and adjusted data. Adjusted food sales were up 2.1%, non-food sales rose by 4.5% and vehicle fuel sales increased by 4.4%.
ING Bank chief analyst Péter Virovácz said November retail sales growth remained well below expectations, which he attributed to lower vehicle fuel sales, possibly related to the fourth wave of the pandemic, and the higher inflation rate. Takarékbank chief analyst Gergely Suppan said retail sales probably grew by around 3.4% last year and forecast full-year retail sales growth of 11% next year on base effects, a close to 19% minimum wage increase, public sector pay rises, tax refunds for parents raising children and a pensioners’ bonus.