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// Brazil March Retail Sales Rise 15.7%, Most on Record

16 de Marzo de 2010

Brazil’s retail sales rose the most since at least 2001 in March as surging demand powers an economic rebound while stoking inflation.

Sales surged 15.7 percent in March from the same month a year ago, up from a revised 12.2 percent year-on-year increase in February, the national statistics agency said in a report distributed in Rio de Janeiro today. Economists forecast sales would rise 14 percent in March, according to the median estimate of 34 analysts surveyed by Bloomberg.

“All the evidence points to the fact that the pace of this expansion is incompatible with price stability,” said Daniel Ribeiro, an economist at Credit Suisse Hedging-Griffo in Sao Paulo who correctly predicted the sales rise for March. “The central bank’s 5.8 percent growth forecast is off the mark — we see 7.2 percent economic growth in 2010.”

Sales rose 1.6 percent from the previous month, above the 1 percent median forecast by 29 analysts surveyed by Bloomberg.

Domestic demand is fueling economic growth and stoking inflation in Latin America’s biggest economy since it emerged from a six-month recession in the second quarter of last year.

Itau Unibanco Holdings SA, Brazil’s biggest bank by market value, today raised its 2010 growth forecast to a “Chinese-like rate” of 7.5 percent from 6.5 percent, citing a stronger global economy and measures to stimulate domestic demand.