Tuesday, Hungary's Central Statistical Office announced that the retail sales dropped 2.8% year-over-year in January, compared with a 3.2% fall in the previous month, revised from 3.9% decline reported initially. Economists were looking a decline of 4.5%. A year ago, retail sales were down 2.2%.

The retail sales volume in non-specialized and specialized food, beverages and tobacco stores decreased 1.5% annually in January, while turnover of non-food retail trade at constant prices declined 5.7%. Retail sales of automotive fuel rose 0.1%.

On a monthly basis, retail sales increased a seasonally and calendar adjusted 0.1% in January, after falling 0.8% in December.

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