Retail sales in China increased 2.7% in July annually, the National Bureau of Statistics said in a release on Monday. July sales were significantly lower than expected, with forecasts putting the rise at 4.9%. On a monthly basis, retail sales were up by 0.27%.
Sales of goods grew 3.2% in July compared to the same month in 2021, while catering was down 1.5%. Basic consumption was on the rise, with sales of grain, oil and food up by 6.2% and beverages up by 3%.
