On a monthly basis, sales declined 0.1% in July, which is effectively a flat number compared with June. In the three months to July, sales fell 1.3%. The annual number was inflated by base effects stemming from the July 2021 riots.
“The loss of momentum in monthly sales volumes, which is more informative given the base effects, is consistent with mounting pressure on consumer discretionary incomes due to rising interest rates and a higher cost of living. The month of July saw fuel prices increasing by R2.57, the biggest margin on record. This would have adversely affected consumer sentiment and their ability to spend on other goods,” Siphamandla Mkhwanazi, FNB senior economist, said in a note on the data.
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