South African retail sales growth slowed to 1,5% year-on-year in October at constant prices, compared to a downwardly revised 1,7% growth in September, Statistics South Africa said on Wednesday.
In the three months to the end of October, retail sales — the main gauge for consumer demand — increased by 3,2% compared to the same period the previous year, also at constant prices.
Sales of R24,951-billion were recorded in October from the revised R24,693-billion recorded in September.
Analysts said tighter monetary policy and stricter credit rules were likely to place consumer spending under increasing pressure in the months ahead. – Reuters, Sapa