Eurozone Retail Sales Missed Expectations in August

Data showed that retail sales in the eurozone missed expectations in August, as consumers curbed spending on food, beverages, and tobacco.

The European Union statistics office Eurostat said retail sales, an indicator of consumer demand, in the 19 euro-denominated countries rose 0.3 percent month-on-month in August, unchanged from the previous year.

Economists polled by Reuters had expected a monthly increase of 0.8 percent and a rise of 0.4 percent on an annual basis.

Eurostat said sales of food, beverages, and tobacco fell 1.7 percent month-on-month and 1.9 percent year-on-year, which led to a decline in the general index despite the increase in sales via mail and Internet order.