Brazil: Consumer confidence moderates in March
March 28, 2011
The consumer confidence index published by the Getulio Vargas Foundation (FGV, Fundacao Getulio Vargas) dropped a seasonally adjusted 2.0% over the previous month to reach 120.1 points in March. At the current level, the index is 7.6% higher than in the same month the year before and remains close to the historic high of 124.2 points recorded in November 2010. The FGV index has a range of 1 to 200 points, where 100 points is neutral. The decline in confidence was driven by a less optimistic assessment of the economic situation for the next six months, as consumer spending is constrained by the current monetary tightening cycle initiated in January.