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View all search resultsRetail sales spring back in July after a nine-month lull
Excluding the March data, when consumption typically spikes during Idul Fitri, boosting retail sales, annual retail sales index growth has remained weak since October of last year.
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Sugar surge: A worker arranges sweetened drinks on Dec. 14, 2023, in a retail supermarket in Jakarta. A survey from the Indonesian Consumers Foundation (YLKI) revealed that 58 percent of 800 respondents supported the plan to impose excise tax on sweetened beverages to control its consumption and prevent diabetes in children, which, in January 2023, had increased 70 times since 2010. (Antara/Cahya Sari)
Retail sales in July are projected to grow after nine months of sluggish performance, driven by increased commerce in certain goods.
According to preliminary data published by Bank Indonesia (BI) on Monday, the retail sales index (RSI) for July is estimated to have inched up to 222.5, marking a solid 4.8 percent year-on-year (yoy) increase from 212.4 in March of last year.
BI spokesperson Ramdan Denny Prakoso said in a press statement released alongside the data that the annual growth “chiefly originated from” sales of spare parts and accessories as well as food, beverages and tobacco.
Excluding the March data, when consumption typically spikes during Idul Fitri, boosting retail sales, annual RSI growth has remained weak since October of last year. The highest yearly growth during that period was only 2 percent in February, with most other months posting gains below 2 percent.
The index performed particularly poorly in November and January, while the weakest growth in the nine-month period was recorded in April, when it contracted by 0.3 percent. However, that reading was still better than the 2.7 percent contraction seen in the same month last year.
On a monthly basis, July’s projected RSI fell 4 percent from June, which BI attributed to the end of holidays and collective leave during religious festivities, when retailers often launch mid-season sales.
Read also: GDP up 5.12% on govt projects, consumer stimulus
