FX.co ★ Brazil Retail Sales Rise Most In 20 Months

Figures released on Wednesday from the Brazilian Institute of Geography and Statistics (IBGE) showed that Brazil's retail sales have swiftly expanded at the most rapid rate in over a year and a half. After a decline of 1.4% in December, retail sales in Brazil saw a 2.5% uptick in January, surpassing the economists' projection of a mild 0.2% recovery.

This marked the quickest growth since May 2022, when retail sales experienced a 2.7% rise. In particular, the sales volume for fabrics, apparels, and footwear observed an impressive 8.5% month-on-month surge in January. In addition, impressive growth was also seen in the office equipment, IT, and communication sector, with sales advancing by 6.1%.

Furthermore, annual retail sales growth also picked up speed, escalating to 4.1% in January from the previous month's 1.2%. This exceeded expectations, which had predicted only a 1.3% rise.