Wednesday, the Statistics South Africa said in a report that the retail sales at constant prices dropped 4.5% year-over-year in February, in contrast to a 1.2% increase in January, revised from 1.7% rise reported initially. Economists were looking an increase of 0.6%. A year ago, retail sales were up 5.1%.
At current prices, retail sales rose 7% annually in February, compared with a 12.4% rise seen in the preceding month.
For the January to February period, retail sales at constant prices fell 1.7% compared to the same period of the previous year. At the same time, retail sales at current prices climbed 9.7%.
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