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LatinNews Daily - 24 March 2021

In brief: Consumer confidence tumbles in Brazil

* The Brazilian institute of economy (Ibre) at the Fundação Getúlio Vargas (FGV) has released the latest figures for its measure of consumer confidence, the ICC, which shows that consumer confidence has fallen to its lowest levels since May last year. The ICC dropped 9.8 points in March, to 68.2 points, a clear reflection of the worsening public health crisis as the coronavirus (Covid-19) pandemic continues to rip through the country. The FGV’s ICC notably shows consumers to be concerned with the future, with the index of expectations dropping by 12.3 points (compared with a 5.5-point fall in the index measuring the perception of the current situation). “Consumers perceive the worsening of the current economic situation with serious risks to employment and income and are also affected psychologically by the fear of contracting the disease and the need for social isolation”, Viviane Seda Bittencourt, the survey’s coordinator, said.

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