{"id":768376,"date":"2024-04-17T15:59:06","date_gmt":"2024-04-17T13:59:06","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=768376"},"modified":"2024-04-17T16:06:32","modified_gmt":"2024-04-17T14:06:32","slug":"consumers-under-pressure-in-south-africa-with-relief-still-a-while-away","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/768376\/consumers-under-pressure-in-south-africa-with-relief-still-a-while-away\/","title":{"rendered":"Consumers under pressure in South Africa – with relief still a while away"},"content":{"rendered":"\n

Retail trade sales in South Africa have declined, with economists highlighting the challenges facing the South African consumer. <\/p>\n\n\n\n

According to Stat SA, retail trade sales, measured in real terms (constant 2019 prices), decreased by 0.8% year-on-year. <\/p>\n\n\n\n

The main negative contributor to this decrease was retailers in textiles, clothing, footwear and leather goods (-6.8% and contributing -1.1 percentage points).<\/p>\n\n\n\n

Of the seven sectors surveyed, four recorded positive contributions to the overall outcome on a three-month basis (up 0.5%), with general dealers also showing the largest contribution as consumers focussed on necessities in a tough environment.<\/p>\n\n\n

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Source: Stats SA<\/figcaption><\/figure><\/div>\n\n\n

Investec Chief Economist Annabel Bishop said that inflation, which decreased from 5.6% in February to 5.3% in March, has a major effect on consumer affordability. <\/p>\n\n\n\n

The South African Reserve Bank (SARB) recently reaffirmed its battle to combat high inflation and will only cut interest rates when CPI inflation returns to around 4.5% y\/y. <\/p>\n\n\n\n

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Big trouble for interest rate cuts in South Africa<\/a><\/blockquote>