Brazil’s November retail sales rose more than economists forecast, as the central bank continues to boost interest rates to stem above-target inflation. Swap rates rose.
Sales in November rose 0.7 percent from the previous month, after rising a revised 0.3 percent in October, the national statistics agency said today in Rio de Janeiro. The number was higher than the 0.4 percent median estimate from 38 economists surveyed by Bloomberg. Retail sales jumped 7 percent from the same month last year, above the median forecast of 6.2 percent.
President Dilma Rousseff’s government is rolling back tax cuts adopted to spur demand as the central bank continues the largest rate increase cycle of economies tracked by Bloomberg. While higher rates and above-target inflation have damaged consumer confidence, record-low unemployment bolstered shoppers who kept the economy from a deeper third quarter contraction.
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