Brazil: Retail sales continue to expand in September
November 13, 2012
In September, retail sales (excluding cars and construction) rose 0.3% over the previous month in seasonally adjusted terms. The reading was above both the 0.2% increase observed in August and market expectations that sales would mirror the result recorded in August. On an annual basis, retail sales expanded 8.5% in September, below both the 10.0% rise observed in August and market expectations of an 8.7% increase. Among the eight categories that compose the narrow retail sales index, three increased over the previous month. Most notably, sales in the fuel and lubricants as well as in the supermarkets, food products, beverages and tobacco categories recorded the largest gains over the previous month. Meanwhile, the broad retail sales index, which includes automobiles and construction materials, fell a whopping 9.2% over the previous month (August: +2.7% month-on-month). As a result of the strong annual growth in September, annual average growth in retail sales ticked up from 7.8% in August to 8.1%.