Mexico: Retail sales declined modestly in June after 10 months higher

  • Retail sales fell 0.3%m/m (+4.0% y/y) in a challenging backdrop mainly due to inflation, and despite better fundamentals

  • Sector dynamics were mostly negative, highlighting -1.7% in supermarket and departmental and -1.4% in food and beverages

  • We believe this setback can be easily erased in upcoming months given the strength in consumption fundamentals

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