In current prices, Stats SA reported April’s total retail sales came to R80bn, down from R83bn in March. Stats SA uses constant prices set to 2015 to strip inflation out of its retail growth figures.
General retailers, which account for 41% of total retail sales, suffered a 1% annual decline to R29bn. Clothing retailers, the second largest category contributing 18% of the total, suffered a 0.5% sales decline to R13bn.
Pharmacies, which contribute 8% of the total, grew sales 6.2% to R6bn. Furniture stores did best, growing annual sales 11% to R3.3bn, or 5% of the total.
Said FNB chief economist Mamello Matikinca, "The April print is an important one, not only because it represents the first month of the second quarter, but because it will be the first month to reflect the impact of VAT and fuel price increases on consumers’ pockets."
Shock April retail sales crash after VAT increase
Annual sales growth comes in at 89% lower than economists expected. April’s increase in VAT and fuel prices knocked retail sales growth down to a ninth of the 4.5% expected by economists.
Statistics SA reported that annual retail sales growth decelerated to 0.5%, sharply down from March’s originally reported 4.8%. Stats SA revised the March figure down to 4.6%.
Petrol and diesel prices surge beyond initial for…
South African motorists are set to face steeper fuel costs from Wednesday, 6 May, with increases in both petrol and diesel exceeding earlier projections.
Cost of basic food basket outpaces minimum wage
Rising fuel prices are continuing to push up the cost of food, with the price of a basic nutritional basket for a seven-person household now sitting 12.4% above the national minimum wage.
Fuel price outlook for May: some relief, but unce…
After April delivered record-breaking increases in petrol and diesel prices—partly cushioned by a temporary R3 per litre tax relief—South Africans are anxiously awaiting clarity on what lies ahead for May.
Encouraging outlook for South Africa’s food prices
Fears that the conflict in the Middle East will trigger a steep surge in South Africa’s food prices may be overstated, with new insights suggesting the impact could be more contained than initially expected.
Checkers Sixty60 still cheaper as fuel prices rise
For many households, the real cost of driving is already higher than they think. Calculations using the Automobile Association’s current vehicle rates show that a typical 7.5km round trip – the…