South Africa’s year-on-year retail sales growth was 1.6% in February. This was below the 4.8% forecast. The release indicates retail sales rose more slowly than expected. The difference between the actual figure and the forecast was 3.2 percentage points. South African Consumer Weakening Signal Given the February retail sales data, we see this as a clear signal of a weakening South African consumer. The 1.6% growth figure is significantly below expectations, confirming that persistent inflation and high borrowing costs are severely impacting household spending. This weak demand challenges the case for any further ... (full story)