Brazil: Retail sales record the largest drop in nearly six years
September 11, 2014
In July, retail sales (excluding cars and construction) fell 1.0% over the previous month in seasonally-adjusted terms, which followed June’s 0.7% drop. The result was unexpected and contrasted the 0.5% expansion the market had expected. Further, the print represented the largest drop in nearly six years. The monthly decrease was largely driven by a fall in sales of food and beverages as well as in furniture and appliances.
On an annual basis, retail sales contracted 0.9% in July, which contrasted the 0.9% expansion seen in June. Annual average retail sales increased 4.3% in July, which was down from a 4.8% rise in June.