Stats SA review shows July retail gains alongside mixed activity

Statistics South Africa’s September 2026 economic review presents a mixed picture: retail sales grew in July, but several other activity measures declined year-on-year. Posted on October 2, the review draws on indicators published in September, many of which cover July rather than September.

Retail sales increased in July

Seasonally adjusted retail sales rose 2.5% from June to July. Retail trade sales were also 3.4% higher than a year earlier. The two figures compare different periods, but both point to growth in the retail measure reported by Stats SA.

For businesses assessing demand, the retail figures are one part of the picture rather than a measure of activity across the economy. Stats SA also reported year-on-year declines in mining, electricity generation, completed buildings, wholesale trade sales and road freight. Several other measures in the review were positive.

August inflation edged higher

Headline consumer price inflation reached 4.4% in August, up from 4.3% in July. That reading covers a later month than the retail figures, so the two should not be treated as measurements of the same period.

Taken together, the published indicators show why the review cannot be reduced to a single account of strengthening or weakening activity. July’s retail gains sit alongside declines in some other measures and positive results in others; the August inflation reading adds a separate update on prices.