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Financial News: South Africa Retail Sales Fall Unexpectedly By 2.1%

South Africa Retail Sales Fall Unexpectedly By 2.1%

03/20/2024 - 09:18:00 (RTTNews)

(RTTNews) - South Africa's retail sales declined unexpectedly in January after a strong rebound in the previous month, data from Statistics South Africa showed on Wednesday.

On an unadjusted basis, retail sales fell 2.1 percent year-on-year in January, reversing a 3.2 percent increase in the prior month.

Sales of textiles, clothing, footwear, and leather goods decreased the most by 6.6 percent annually in January, followed by pharmaceuticals and medical goods, cosmetics, and toiletries with a 4.4 percent fall.

Data showed that sales demand for hardware, paint, and glass was 4.3 percent lower compared to last year, while sales at general dealers showed an increase of 0.2 percent.

On a monthly basis, retail sales slid 3.2 percent in January versus a 1.3 percent rise in the prior month.

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