S. African Consumer Mood Darkens as Lack of Jobs, Taxes Bite (1)

South African consumer confidence fell in the third quarter as middle-income household finances came under strain amid higher personal income taxes and the fading impact of early pension fund withdrawals.

A quarterly index measuring consumer sentiment declined to -13 in the three months through September from -10 in the previous quarter, FirstRand Ltd.’s First National Bank said in an emailed statement on Thursday.

In the May budget, the National Treasury didn’t adjust personal income tax bands for inflation, augmenting revenue via so-called bracket-creep.

“Weak job creation, rising inflation and dwindling two-pot funds have likely started to weigh ...