South Africa’s June retail sales outperform predictions

VAAL TRIANGLE - According to Statistics South Africa, retail sales surged by 4.1% year-on-year in June, surpassing forecasts and signalling improved consumer confidence. This increase follows a 1.1% rise in May and supports positive gross domestic product growth. With inflation easing to 5.1%, the Reserve Bank is anticipated to cut interest rates in September, offering potential relief to consumers. Stats SA’s Raquel Floris says the growth is driven by lower fuel prices and stronger sales in supermarkets.