Indonesia October retail sales up 17.6% year-on-year

[JAKARTA] Indonesia's annual retail sales in October grew at a slightly slower pace of 17.6 per cent compared with 17.9 per cent in September, due to weaker demand for cultural and recreational goods, a Bank Indonesia survey showed on Tuesday.

The survey of 650 retailers in 10 major cities showed that retail sales on a yearly basis were expected to continue to slow until November, even though retail sales growth would rise on a monthly basis.

The survey also said that price pressures in the next three months would heighten on concerns over an increase in state-set fuel prices and prices of goods from distributors.

It also showed that businesses expect sales growth, on an annual basis, to slow in April, due to softer demand.

REUTERS