High inflation and more interest rate hikes mean consumers have less to spend – and businesses are feeling the pressure.
September restaurant, take-aways and catering data published by Stats SA this week points to strong but slowing year-on-year sales growth.
Total Food and Beverage Income for the Sector grew by a solid 26.7% year-on-year in September, which is a slower pace compared to the growth rate of 32.9% in August. The strategist noted that with regular distortions caused by periodic changes in lockdown levels over the last two years, and a subsequent inflation surge in 2022, this means the most accurate way to gauge the health of the sector is to look at pre-lockdown data from 2019.
However, the inflation ‘illusion’ still has to be eliminated by using the best available inflation measure to convert to ‘real’ terms.
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