The June retail sales figures from Stats SA show a declining growth trend from the huge positive base effect-driven surges in April and May.

In April, year-on-year growth in retail sales was 95.7% and in May it was 16.3%. The latest June figure is 10.4%. But the stats should be treated with caution, as there are still favourable base effects in the June 2020 figures as the last remaining so-called non-essential shops opened up after the severe lockdown level 5 restrictions were relaxed...

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