Brazil: Consumer sentiment becomes more pessimistic in November

The seasonally-adjusted consumer confidence index published by the Getulio Vargas Foundation (Fundação Getúlio Vargas) fell to 85.3 in November from October's 88.6. As such, the index moved further below the 100-point threshold, indicating starker pessimism among consumers.

The downturn came on the back of a deterioration in consumers’ views of both the current and future economic situation, which became more pessimistic in November.

Panelists participating in the LatinFocus Consensus Forecast project private consumption to grow 1.1% in 2023, which is up 0.1 percentage points from last month’s forecast. For 2024, panelists see private consumption increasing 1.9%.