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.
