Retail sales across the eurozone fell 0.7 percent in September from the previous month, a far steeper drop than the -0.1 percent forecast. Annual growth also slowed, easing to 0.4 percent from 0.8 percent.
Weaker demand signals
The fall was driven mainly by non-food products. Food, drinks and tobacco sales also weakened over the month.
Germany recorded the largest monthly drop within the bloc, with retail sales there down 2.0 percent. The figures point to softening consumer demand at a time of elevated energy prices and higher interest rates.
ECB outlook unchanged
The weak retail data is not expected to shift the European Central Bank’s policy outlook.
The ECB’s main refinancing rate stood at 2.50 percent as of 7 November 2026, by MacroHerald’s own measurement, in force since 6 November 2026.
Source: European Central Bank
