Charts Of The Day: Retail Sales Starting To Slow

April's retail sales print surprised to the downside at -3.0% month-on-month (m-o-m) on a seasonally adjusted (SA) basis, reinforcing our view that Brazil's red hot economic growth is set to slow as we move into the second half of this year and 2011. Although year-on-year growth remained robust at 10.2%, retail sales growth looks to be trending weaker across the board, with super market sales, and office materials and electronics contracting particularly sharply, at 7.4% m-o-m SA and 10.5% m-o-m SA respectively.

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