In March, the leading indicator for Boa Vista, which signals the movement of commerce, fell again.
The drop in the index, which tracks the performance of Brazilian retail sales, was 1% in relation to the previous month. Comparing the first quarter of this year with the immediately previous period, the reduction is 1.7% in the seasonally adjusted series.
Boa Vista attributes the monthly variation to the increase in the average price level, which helps to explain the retraction in sales, since inflation is deepening especially in the food and fuel segments, which weigh on retail.
To explain the comparison between the quarters, Boa Vista states that the drop reflects, in addition to inflation itself, the impact on labor income.
Joana Cunha with Paulo Ricardo Martins
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