Brazil’s Retail Sales Decline in January for Third Month in Row

Retail sales in Brazil declined in January, for the third consecutive month, by 0.2%, data showed on Friday.

The decline follows a 6.2% drop in retail sales in December, which was the second biggest on record, according to Reuters.

Declining retail sales were attributed to a weaker performance by the food and clothes sectors, as well as the expiration of government stimulus payments to many families in Brazil by the end of last year.

Taking into account car and building material sales, total retail sales declined in January by 2.1% on a monthly basis, and by 2.9% compared with its level a year earlier.