Abstract: Dielectric properties of materials are crucial in describing the electromagnetic response of materials. As devices are becoming considerably smaller than the optical wavelength, the conventional measuring methods based on optical response are limited by their spatial resolution. Electron energy loss spectroscopy performed in a scanning transmission electron microscope is a good alternative to obtain the dielectric properties with excellent spatial resolution. Due to the overlap of diffraction discs in scanning transmission electron microscopy, it is difficult to apply conventional experimental settings to suppress retardation losses. In this contribution, a relativistic dielectric model for the loss function is presented which is used in a model based optimization scheme to estimate the complex dielectric function of a material. The method is applied to experiments on bulk diamond and SrTiO3 and shows a good agreement with optical reference data when retardation effects are included. Application of this technique to nanoparticles is possible but several theoretical assumptions made in the model of the loss function are violated and interpretation becomes problematic.