Retail Sales Drop 0.2% In December
News: Brazilian retail sales registered a fall of 0.2% in December 2013, compared with a 0.6% rise in November 2013 and a 4% increase in the same period of 2012, according to data from the national statistics agency. The fall in December was the first dip in the past 10 months and a shock for Bloomberg economists who had predicted a 0.3% rise. The fall was also a surprise as the central bank consistently revised interest rates to tame inflation. This scenario emerged in spite of tax reductions for the purchase of consumer goods such as cars and appliances. 'Putting together inflation, lower job creation, credit constraints, tightening policies, it makes sense that we have a new pace in retail sales,' said Roberto Padovani, chief economist at Votorantim Ctvm (Bloomberg).