According to the figures released by the country’s national statistics office, Mexican retail sales increased for the second time in three months in April. The increase comes as positive news for Mexico’s economy, where private consumption was one of the key drivers supporting economic growth.
Retail sales increased by 1.2% in April compared to a month earlier and were 1.4% higher than sales recorded in the same month a year earlier.
Retail sales increased by 1.2% in April compared to a month earlier and were 1.4% higher than sales recorded in the same month a year earlier. RFi Group’s Mexico Priority Retail Banking Council data shows that a third of Mexicans are concerned about their current financial situation and that the proportion increased slightly over the past 6 months. Despite this, half of consumers intend to maintain their current spending levels over the next 12 months and 22% plan to spend more. This demonstrates that the current retail sales levels should hold up for the foreseeable future, providing a much-needed boost to Mexico’s economy.
The country’s central bank recently announced its decision to increase its benchmark interest rate to 7% in an attempt to tackle growing inflation and the government has hinted at the possibility of two further rate hikes as the Bank of Mexico aims to bring inflation down below 4% by 2018.