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Retail trade sales fell 0.5 percentage points in February compared to January – SABC News

According to figures released by Statistics South Africa, retail trade sales fell 0.5 percentage points in February compared to January 2022.

The biggest negative contributors were hardware, paint, glass, food, beverage, tobacco, and general dealers.

Retail sales in February 2022 were down 0.9% compared to February last year.

Economist Laura Campbell at Ecoometrix says the decline in retail sales reflects the financial pressures consumers are facing.

“Following the second interest rate hike at the end of January, there is a possibility that the household financial situation in February was somewhat under pressure. Interest rate hikes have increased the cost of repaying household debt and put these wages on disposable income. SA’s high unemployment rate and weak consumer confidence should have impacted household consumption this month.”

Retail trade sales fell 0.5 percentage points in February compared to January – SABC News

Source link Retail trade sales fell 0.5 percentage points in February compared to January – SABC News

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