Brazilian Supermarkets Say High Interests Are Hurting Sales

Sales in Brazilian supermarkets were down 0.64% in May, compared to April, according to the supermarket association (Abras),which represents 90 firms that account for around 90% of sector revenue.

However, cumulative sales for the first five months of the year are up 4.27%, compared to the same period last year.


The president of Abras, João Carlos Oliveira, says that although sales will probably fall again in June, he believes that they will be up around 3% for the year, compared to 2004 ( when supermarket sales rose 2.7%, compared to 2003).


Oliveira declared that the government’s decision to keep interest rates high is inhibiting consumption (the Brazilian basic interest rate is 19.75% per year).


ABr

Tags:

Ads

You May Also Like

Brazilian Firms to Stop Buying Goods Involving Slave Labor

Brazil’s Pact for the Eradication of Slave Labor, announced yesterday, has already gathered 60 ...

Brazil Becomes a Leader in the AIDS War

The city of Olinda, Pernambuco, in Northeastern Brazil, will host the First Brazilian Congress ...

Brazil Taxes as the UK and Delivers as a Banana Republic

During a recent speech at the CDES – the Brazilian Social and Economic Development ...

Brazil Hikes Gas 10%, a First in Three Years

Brazil's Finance Minister, Guido Mantega, has just announced a 10% hike in the price ...

Dilma 48%, Serra 41%, Say Polls at Start of Second Round Race

Despite the glaring mistakes during the first round, Brazilians keep an eye on the ...

The Impact of Napoleon on Cardoso’s Thinking and Brazilian History

{mosimage}In 1807, Napoleon Bonaparte and his minions invaded the Iberian Peninsula.  The Peninsular War, ...

Disunity Rally

President Fernando Henrique Cardoso called the march undemocratic since one of its objectives was ...

Impressed by Lula’s Work

Brazil’s strong performance is clearly bearing fruit: a broad-based economic recovery is underway that ...

The Pain of Being a Woman in Brazil

In Brazil, poverty is mostly young, female and uneducated. Brazil has more poor women ...

Indians and Farmers in State of War in Brazil

The almost 4,000 Terena people who live in the 2,090 hectares of the Buriti ...