FX.co ★ Brazil's Retail Sales Rise Unexpectedly In March

Brazil's retail sales increased unexpectedly at the end of the first quarter, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Wednesday.

Retail sales rose a seasonally-adjusted 0.8 percent month-on-month in March, after remaining flat in February. Meanwhile, economists had expected a 0.8 percent fall for the month.

The monthly growth in March was mainly driven by a 7.7 percent sales increase recorded in office, computer, and communication equipment and materials.?

On a yearly basis, retail sales growth accelerated to 3.2 percent in March from 1.1 percent in the previous month, primarily due to a 14.3 percent surge in demand for fuels and lubricants. Sales were expected to fall slightly, by 0.1 percent.