Brazil’s Retail Sales Drop 0.1% in November, Ending Six Months of Growth

RIO DE JANEIRO, BRAZIL – Retail sales in Brazil, one of the engines of the country’s economy, fell by 0.1 percent in November 2020 against October, ending six consecutive monthly increases, the Brazilian Institute of Geography and Statistics (IBGE) reported on Friday, January 15th.

Rising inflation, which led to reduced supermarket sales, was the main reason for the decline.

Brazil’s market was negatively impacted in the first half of 2020 by the novel coronavirus pandemic, which caused a drop in sales in March and April, but led to six consecutive months of growth starting in May.

However, this will not prevent the Brazilian economy from registering a downturn in 2020 which, according to the financial market will be 4.37 percent, and according to the government will be approximately 4.5 percent.

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