The modest 0.2% m/m gain in headline sales in November was partly due to a price-related drop in gasoline station sales and a slight dip in the value of motor vehicle sales, which remain close to a decade high. In contrast, excluding gas, autos and building materials, so-called control group retail sales grew by a very encouraging 0.6% m/m, suggesting that real consumption growth will be 2.5% annualised in the fourth quarter.
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