FX.co ★ South Africa Retail Sales Fall Further

South Africa's retail sales decreased for the second successive month in October, data from Statistics South Africa showed on Wednesday.

Retail sales fell 0.6 percent year-on-year in October, following a 0.4 percent decline in September. Economists had forecast a 0.5 percent decrease.

Sales of hardware, paint, and glass fell the most by 4.8 percent over the year, followed by pharmaceuticals and medical goods, cosmetics, and toiletries with a 3.4 percent drop.

On a monthly basis, retail sales rose a seasonally adjusted 0.4 percent in October after a 0.2 percent gain in the prior month. This was the second consecutive monthly increase.

In the three months to October, retail sales contracted 1.4 percent from the preceding three months.