LatinNews Daily - 12 January 2023

In brief: Retail sales in Brazil drop in November

* Brazil’s national statistics institute (Ibge) has released the latest retail sales figures, showing a 0.6% drop in sales from October to November. This marks the end to the trend of rising monthly retail sale volumes in August (+0.2%), September (+1.1%), and October (+0.3%), although the volume in November 2022 was 1.5% higher than the sales figures in November 2021. From January to November the accumulated retail sales volume was 1.1% higher than in the same period in 2021. The drop in retail sales in November 2022 compared with the previous month could be seen in six of the eight product categories measured. The two categories with the greatest drops in sales were fuels and oils (-5.4%) and office supplies (-3.4%). Ibge highlighted monthly sales increases for medicine, orthopaedics, and perfumes (+1.7%) and furniture and home appliances (+2.2%). The director of monthly sales research at the Ibge, Cristiano Santos, said that inflation was one of the main factors behind the drop in November sales, particularly in the fuel sector. He also said that poor macroeconomic conditions contributed to the weak performance in ‘Black Friday’ sale events at the end of November.

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