Euro-Zone April retail sales rose 0.2% m/m and fell 2.3% y/y, after -0.1% m/m and -3.4% y/y in the previous month (revised from -0.6% m/m and -4.2% y/y). Expectations had been for a rise of 0.3% m/m, so data largely in line with forecast. The breakdown showed a 1.1% m/m increase in sales of food, drink tobacco, after a 0.1% decline in March. However, data may be impacted by the late timing of Easter this year, which is likely to disturb the seasonal adjustment process. Looking ahead, eased inflation pressures should support consumption, but the sharp rise in unemployment is weighing on consumer confidence and will continue to depress demand
