Davy Research

Irish economy

Irish retail sales up 7% as prices drop at fastest pace in seven years

DAVY VIEW

Today’s retail sales data show an enormous 11.9% gain in July after June’s 4.3% contraction – reflecting volatility created by car sales as a new registration plate is rolled out in July. The underlying trend is the sales volumes (ex-car sales) are up 7% on the year with a range of sectors benefitting. Today’s data also showed retail prices falling by 3.5%, the sharpest pace of decline in seven-years and reflecting the euro’s strength against sterling.

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