Retail sales were up 3.3% year-on-year, but food sales fell due to price increases
Turnover in stores (retail) rose slightly in April by 3.3% compared to a year ago, according to figures published by the INE this Friday. This is very good news for an industry that is still suffering from the pandemic, now with the added problem of the rise in the cost of raw materials and energy due to the war in Ukraine, and which had failed to recover in 2021 what was lost in 2020.
In addition, the data for April means adding 8.8 points to the numbers recorded in March, thus returning to positive year-over-year numbers after that month they fell 5.5%, their biggest drop in more than a year.
Employment also fared well in the sector, with employment up 2.3% in April from the same month’s figure in 2021, although two tenths lower than in March. Retail employment has been up for a year in a row, largely due to the poor performance of 2021.
But behind the data hides an industry evolution that is worse than it seems. Breaking down the numbers, taking into account the rate without gas stations, the advance for April is only 0.7% compared to a year ago. Per product, the food sector even fell by 1.5% compared to sales in April 2021.
This is mainly due to rising food prices, causing consumers to look more cautiously at their purchases and only take the essentials.
The monthly evolution (April over March) shows an increase of 5.3%, almost ten points lower than the decrease in March. Of course, by eliminating gas stations, the rate goes down to 4.1% and food products plummet by 4.2%.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
