Brazil retail sales dropped in October, defying expectations for a modest gain, amid declines in sales of household goods, clothing and footwear, and furniture, preliminary data from the statistical office IBGE showed Wednesday.
Retail sales decreased 0.9 percent from September, when they grew 0.3 percent. Economists had forecast a 0.2 percent gain.
The year-on-year growth in retail sales sharply eased to 2.5 percent from 6.2 percent in September. Economists had expected 5.2 percent. Sales rose for a seventh straight month.
The broad retail sales, which includes sales of automobiles, their parts and construction materials, fell 1.4 percent from the previous month after a 0.7 percent gain in September. Economists had forecast a 0.1 percent drop.
The latest decline was the first in five months.
Compared to a year ago, retail sales grew 7.5 percent in October, rising for a sixth consecutive month. Economists had expected the pace of growth to improve to 9.5 percent from September’s 9.2 percent.
The material has been provided by InstaForex Company – www.instaforex.com
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