SAO PAULO (Reuters) – Consumer confidence in Brazil recovered to a six-month high in February, according to data released by the Fundação Getúlio Vargas on Tuesday, although its still low level in historical terms continues to impose caution.
In February, FGV’s Consumer Confidence Index (ICC) rose 2.9 points to 77.0 points, the highest level since August 2021 (81.8).
The result reflected an improvement both in the assessment of the present moment and in the expectations for the coming months. The Current Situation Index (ISA) advanced 1.5 points to 67.6 points, while the Expectations Index (IE) gained 3.8 points, to 84.5 points, the highest since August 2021 (90.9) .
“The highlight was the increase in the intention to purchase durable goods, which has been falling for five consecutive months,” said the survey coordinator, Viviane Seda Bittencourt, in a note. This indicator advanced 8.8 points to 69.1 points, the highest level since August 2021 (69.7).
“The positive result may have been influenced by Auxílio Brasil in the lower income brackets, more favorable perspectives on the job market and economic situation”, said Bittencourt.
“But caution is needed, the level (of the ICC) is still very low in historical terms and the volatile behavior of consumers in recent months shows that high uncertainty has greatly affected the maintenance of a clearer trend of confidence in the short term” , warned the expert.
(By Luana Maria Benedito)
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