After a busy March, Stats SA’s publication schedule was quieter in April. Eighteen releases were published in the month.

Business performance a mixed bag

Several sectors were weaker in February on a year-on-year basis. These include mining; manufacturing; wholesale trade; motor trade; restaurants, catering & fast-food; road freight; and road passenger transport (Figure 1).

Mining production decreased by 9,6% year-on-year, mainly driven lower by platinum group metals. Most minerals performed poorly. Copper, manganese ore and ‘other’ metallic minerals were notable exceptions, recording positive gains. Mining activity declined by 4,4% month-on-month, the largest monthly decrease since February 2023 when production weakened by 6,6%.

The automotive and petroleum, chemicals, rubber & plastics divisions weighed heavily on manufacturing output. Production shrank by 3,2% year-on-year. Five other manufacturing divisions also registered negative growth rates in February.

Motor trade also fared poorly, slipping by 5,2% year-on-year. This was mainly on the back of lower fuel sales. However, used vehicle sales increased, although not enough to lift overall sector growth into positive territory.

Sectors that recorded gains in February include electricity generation, construction (buildings completed as reported by large municipalities), retail trade, tourist accommodation, rail freight, and rail passenger transport.

Retail trade sales increased by 3,9% year-on-year. Four of the seven retail groups recorded a positive month, with textiles & clothing and general dealers driving most of the upward momentum. Retailers in household goods and the miscellaneous group referred to as ‘all other retailers’ also contributed positively. On the downside, consumers spent less on hardware, food & beverages, and pharmaceuticals & cosmetics.

Consumer inflation the lowest in almost five years

Annual consumer inflation cooled to 2,7% in March, the lowest print since June 2020 when the rate was 2,2%. A decline in fuel prices was the main factor behind the softer rate in March.

Inflation at the factory gate was also lower. The annual change in the producer price index declined to 0,5% in March from 1,0% in February.

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