Brazil: Retail sales dip in March
Retail sales dropped 0.6% month-on-month in seasonally-adjusted terms in March (February: +0.5% mom). Looking at the details of the release, the result largely reflected sharper declines in sales of furniture and appliances; textiles, clothing and footwear; other articles for household and personal use; and, fuels and lubricants. However, supermarkets, food, drinks and tobacco sales gained traction.
On an annual basis, retail sales rose 2.4% in March (February: -3.9% yoy). Meanwhile, annual average retail sales growth rose to 0.7% in March (February: +0.4%), signaling an improving trend in the retail trade sector.