Shoprite lures shoppers seeking South African inflation relief

South African shoppers with limited spending money are turning to low-cost supermarket chains such as Shoprite Holdings for cheaper food and eschewing new clothes to counter accelerating inflation.

Africa's biggest food retailer on Tuesday reported 7.4 per cent half-year sales growth at South African stores that have been open for more than a year, equal to how much the company raised prices in the period. That outperformed like-for-like food growth at higher-end department store chain Woolworths Holdings as shoppers shunned more expensive foodstuff in favour of cheaper options. For those selling fridges, furniture and clothes, it's an even bleaker picture.

Bloomberg