The quick service restaurants witnessed a dip of 70 per cent, while spending on apparel and clothing plunged 77 per cent and purchases of sports good fell 80 per cent.
The underlying dynamics of the May inflation print augur caution and the recovery remains on uncertain ground and with fiscal support in retreat.
The decline in sales was the steepest in West and North India, which witnessed an 83 per cent dip last month as compared to May 2019, RAI said in a statement.
As per the data released by the National Statistical Office (NSO), inflation in the food basket was 5.01 per cent in May, significantly up from 1.96 per cent in the preceding month.
No matter how the equity markets are behaving, retail investors are adviced to stick to basic tenets of investments
The projection is well within the Monetary Policy Committee's target to keep the rate of inflation at 4 per cent with an upper or lower tolerance level of 2 per cent.
At present, automakers in India sell their output to dealers and not directly to consumers. Dealers have ownership of vehicles that are in their showroom and yard.
According to the statement, food inflation stood at 4.78 per cent in April against 5.36 per cent in the previous month. The same was at 6. 56 per cent in April 2020.
In April, for instance, 29 million auto-debit transactions worth Rs 22,000 crore conducted through the National Automated Clearing House (NACH) failed, primarily due to insufficient funds.
With the pandemic still raging and no end in sight for the common man’s economic distress, banks are bracing for an era of retail loan defaults.
A bench of Justices R D Dhanuka and M J Jamdar was hearing a petition filed by the Federation of Retail Traders Welfare Association.
Indicators such as GST e-way bills, electricity generation, vehicle registrations and rail freight traffic displayed a slowing sequential momentum, reflecting the rise in COVID-19 cases.
At the same time, however, elevated levels of prices in the certain food and non-food segments continue to exert upward pressure on headline inflation, say experts.
Food inflation stood at 5.36 per cent against 4.64 per cent of the previous month and 6.67 per cent during the corresponding month a year ago, according to the statement.
V-P Eric Broussard cited the example of global sale events like Black Friday and Cyber Monday, wherein Indian businesses on Amazon Global Selling had seen a 50% growth in business year-on-year.