Brazil Retail Sales Fall 0.3% in September, Missing Forecasts

Overview

• IBGE reports the fifth negative monthly result in six, with September reversing August’s slight 0.1% gain after revision.
• Six of eight retail groups fell on the month, while only pharmaceuticals/perfumery (+1.3%) and other personal and household goods (+0.5%) advanced.
• Expanded retail, which includes vehicles, construction materials and atacarejo, rose 0.2% on a seasonally adjusted basis.
• Sales grew 0.8% year over year, and the 12‑month rate eased to 2.1%, the weakest since January 2024.
• The outcome undershot market projections for an increase, reinforcing evidence of broad deceleration from the March 2025 peak.