Retail sales were up 95.8% y-y in April 2021 (-4.5% m-m), while total building plans approved increased by more than 300% y-y (-9.5% m-m). After increasing by 14.8% m-m in March, food and beverages sales growth slowed down in April 2021 and grew by 5.4% m-m. The shift to adjusted level 4 lockdown will likely slow the recovery of food and beverage sales, in our view. In July, petrol prices are expected to increase by 23c/litre to R16.64 while diesel prices are expected to increase by 38c/litre to R14.85. The rand weakened by 24.9% y-y against the dollar in June and traded at an average exchange rate of R13.92/USD during the month.
