Retail Sales fell -0.6%m/m in November (October: +0.3%m/m). November results were the worst reading since June. Looking at the details of the release, the slide reflected a broad slowdown across key segments: supermarkets, food, beverage and tobacco, other items for household and personal use, and fuels and lubricants all contracted in November. Finally, sales of textiles, clothing, and footwear declined at a smaller rate, while sales of furniture and appliances slowed.
On an annual basis, retail sales rose at a weaker pace of 1.5% in November (October: +2.7% yoy). Meanwhile, average annual retail sales growth rose to 0.6% in November (October: +0.1%), indicating an improving trend in the retail business.
LatinFocus Consensus forecast committee members expect retail sales to grow 1.2% in 2023, unchanged from last month’s forecast, and 2.7% in 2024.