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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
South AfricaSouth Africa Retail Sales MoM fell to -0.6% in June 2026
FMPMonthlyReleased August 2026
South Africa Retail Sales MoM fell to -0.6% in June 2026, released August 2026, down 0.6% from May's 0.0% reading. The print exceeded the -1.0% consensus by 0.4%. Retail Sales MoM has now declined for 3 consecutive months. Over the past 3 months, Retail Sales MoM averaged 0.5%, vs 0.0% in the prior 3-month window. The reading is in the 20th percentile of the trailing 24-month range.
Latest Release
-0.6
Actual
-1
Consensus
0
Previous
Median Absolute Error
±1.07 percentage points
across last 12 releases
Last Call
Aug 2026
Predicted: -0.65
Actual: -0.6
Error: -0.05
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| EUR/USD | ▼ Inverse | −0.60 | FOREX | Moves against | → View |
| XAU/USD | ▼ Inverse | −0.55 | COMMODITIES | Moves against | → View |
| USD/ZAR | ▲ Direct | +0.28 | FOREX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Retail Sales MoM (South Africa) was reported at -0.6% in August 2026. This beat the market consensus of -1% by 0.4%. The reading fell from the previous value of 0%. Trailing 12-month context per ETL data through August 2026. Over the past 12 months, the indicator has averaged 0.28%, ranging from -1.2% to 2.1% across 10 releases.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 0.13%, down from the prior three at 0.2%. Volatility over the past year (σ 0.9%) is higher than the prior year (σ 0.8%). In August readings over the past 3 years, Retail Sales MoM has averaged 0.33%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with EUR/USD (Bearish EUR). A secondary relationship exists with XAU/USD, negatively correlated (Bearish XAU). Over the last 12 releases, the Sigmacast model's median absolute error is 1.07%.
WHAT TO WATCH NEXT
The next release is scheduled for September 16, 2026. Same-country events in the next 14 days include Inflation Rate MoM (Sep 23) and Inflation Rate YoY (Sep 23).
Auto-generated from current model state · Refreshes on each release · Last update August 2026.
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Retail Sales MoM - ZA
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About Retail Sales MoM — South Africa
DEFINITION
Retail Sales MoM (Month-over-Month) is a key economic indicator that measures the change in the total value of goods and services sold by retail stores in a given month compared to the previous month. This indicator provides valuable insights into consumer spending patterns and overall economic growth, making it a crucial tool for investors, businesses, and policymakers. A positive MoM growth in retail sales indicates a strong consumer demand, while a negative growth may signal a slowdown in economic activity. Retail Sales MoM is widely used to assess the health of the retail sector and its impact on the broader economy.
WHY THIS INDICATOR MATTERS
Consumer activity accounts for the majority of GDP in advanced economies, making spending data a key cyclical signal for retail and discretionary sectors. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jun 2026): actual -0.6 %, consensus -1 %. Prior reading (May 2026): 0.1 %. Before that (Apr 2026): 0.9 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially lower reading versus the latest print, with the 3-month outlook diverging from that direction. The 1-month and 3-month horizons disagree, suggesting a mixed signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with EUR/USD (Bearish EUR, r=-0.60) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - ZA Events
| Wednesday, September 16, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 08:00 | ZA | Inflation Expectations | 4.2 | 4.4 | 4.40 | Low | |
| 11:00 | ZA | Retail Sales MoM | -0.6 | 0.7 | 1.65 | Low | |
| 11:00 | ZA | Retail Sales YoY | 1.6 | -3 | -2.70 | Low | |