Retail sales in Japan rose by 5.3 per cent in May compared with the same month last year, according to the country’s Ministry of Economy, Trade and Industry.
The rate of growth accelerated from 2.8% in April and was the highest since November 2023. The April figure was revised; an increase of 2.1% had previously been reported.
The consensus forecast among experts had predicted a 3.2 per cent year-on-year increase in sales last month, according to Trading Economics.
Car sales rose by 23.7 per cent, food and drink sales by 2.4 per cent, and sales of pharmaceutical and cosmetic products by 2.8 per cent, whilst sales in department stores increased by 6.9 per cent.
At the same time, sales of fuel fell by 2.6 per cent, whilst sales of clothing and personal care products fell by 0.7 per cent.
Retail sales in May rose by 1.9% compared with the previous month. In April, month-on-month growth stood at 2.1%, rather than 1.3% as previously reported.