Brazil Household Consumption Intent Falls Slightly in September

Overview

• On Wednesday, Sept. 23, the Confederação Nacional do Comércio (CNC) reported the Intenção de Consumo das Famílias (ICF) slipped 0.3% in September to 104.5 points, the lowest reading in about six months.
• The monthly decline was led by the Perspectiva Profissional, which fell 0.7% for the month and 8.6% year on year, and by a drop in the Nível de Consumo Atual to 91.5 points, the weakest level since early 2026.
• Only 48% of households now expect employment to improve in the coming months, the lowest share since September 2022, making labour-market sentiment the main downside risk to spending.
• Despite the monthly softness, the ICF is up 2.9% year on year, propelled by a 17.2% rise in the 'moment for buying durables' that reflects unusually low durables inflation of 0.98% over the past 12 months.
• The CNC said protecting jobs and worker incomes is central to sustaining consumption and these readings are likely to shape how markets and policymakers assess near-term domestic demand and fiscal or monetary choices.