Retail sales drop 2.5% last month

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In the first two months, the value of retail sales and services reached US$17.29 billion, posting a year-on-year increase of 22%.

GSO Trade Department experts said that the low retail sales growth during the period was due to the high consumer price index (CPI) of 16.85%. Consumers have been forced to tighten their budgets in response to inflation.

Demand for paper and packaging saw the sharpest drop at 39.4% while consumption of wooden products followed with a 38.8% decrease.

Demand for footwear, and textiles and garments fell by 21.7% and 14.8%, respectively./.