Brazil: Consumer confidence hits another historical high in November
November 30, 2010
Brazilian consumer sentiment rose for the ninth consecutive month in November. The index of consumer confidence published by the Getulio Vargas Foundation (FGV, Fundacao Getulio Vargas) increased a seasonally adjusted 2.7% over the previous month to reach 125.4 points in November. At the current level, the index is 9.3% higher than in the same month last year, which constitutes a new historical high. The upward trend in consumer optimism that has been witnessed since March and the concomitant dynamism in retail sales indicates that private consumption remains an important source of growth. The positive reading reflected an improvement in consumers' assessment of the current economic situation, which jumped 4.5% over the previous month, to 147.5 points. In addition, sentiment regarding the economic situation for the next six months increased, albeit less markedly, rising 1.5% in November to 113.6 points.