FX.co ★ South Africa Retail Sales Surge In January

South Africa's retail sales increased for the fifth straight month in a row in January, data from Statistics South Africa showed on Wednesday.

Retail sales rose 7.7 percent year-on-year in January, following a 3.2 percent increase in December. Economists had forecast a 4.9 percent growth.

The largest contribution came from retailers in food, beverages and tobacco products in specialised stores, and textiles, clothing, footwear and leather goods.

On a month-on-month basis, retail sales increased 1.5 percent in January, after a 1.7 percent growth in the previous month.

In the three months ended in January, retail sales increased 4.3 percent, after a 5.6 percent rise in the preceding three months.