Brazil retail sales rise 0.5% in February to hit record
BRASILIA, April 9 (Reuters) - Retail sales volumes in Brazil rose 0.5% in February from the previous month, reaching the highest level since the data series began in 2000, statistics agency IBGE said on Wednesday.
The result matched the 0.5% increase forecast by economists in a Reuters poll.
IBGE noted the gain marked a more robust expansion after four months of near-zero changes.
The increase was despite tight financial conditions in Latin America's largest economy, with the central bank carrying out an aggressive interest rate tightening cycle to tackle inflation.
Four of the eight activities surveyed by IBGE showed growth in February, with the strongest performances from hypermarkets and supermarkets, food, beverages and tobacco, which expanded by 1.1%, and furniture and appliances (up 0.9%).
On a year-on-year basis, retail sales rose 1.5%, slightly below market expectations for a 1.6% increase.
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