Brazil Retail Sales Slide With High Borrowing Costs Set to Go Up
- November’s sales fell 0.4% on month, rose 4.7% from year prior
- Central bank plans to take benchmark rate to at least 14.25%
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Brazil’s retail sales slid slightly more than expected in November, buffeted by high interest rates that are poised to keep rising as the central bank moves to tamp down above-target inflation.
Sales declined 0.4% from October, just over the median estimate of a 0.3% drop from analysts in a Bloomberg survey. From a year earlier, sales gained 4.7%, the national statistics institute reported Thursday.