Retail sales volumes contracted in September and recorded a successive quarterly decline Retail sales volumes rounded off 3Q22 on a sour note, declining by 0.6% y/y in September, following an increase of 2.1% y/y in August. On a month-on-month basis, seasonally adjusted volume sales edged up marginally by 0.1%, following declines of 1.3% and 0.2% in August and July, respectively. This outcome suggests that volume sales declined 1.9% q/q and will, for a successive quarter, detract from the 3Q22 GDP growth. The decline in volume sales contrasts the mild recovery theme in other high-frequency data outcomes, particularly mining and manufacturing, and reflects waning resilience against a slew of consumer headwinds. These include mounting pressure on household budgets due to rising interest rates and a higher cost of living, as well as more intense bouts of load-shedding.
In the intermediate series we will cover the following topics
