JOHANNESBURG – Retail sales moderated to 1.1 percent year on year in August, following a 2 percent increase in July, falling below the market consensus of 1.7 percent.
Data from Statistics South Africa (StatsSA) on Wednesday showed household furniture, appliances and equipment recorded the largest annual growth rates at 4.5 percent and all "other" retailers at 3.8 percent.
StatsSA said the print reading was, however, dragged down by weakening growth in all other categories, including the textiles and clothing segment and the pharmaceutical and medical goods grouping.
Senior FNB economist for property and consumer Economics, Siphamandla Mkhwanazi, said the year-to-date retail sales growth continued to depict a muted demand environment.
“This is reflected in the persistently low retail inflation readings, which remain below consumer price inflation levels, averaging just 2.4 percent year-to-date,” Mkhwanazi said.