Mexico: Retail sales extend losses in September amid a more challenging backdrop

  • Retail sales fell 0.2% m/m (3.3% y/y), as price pressures continued impacting real wages

  • Most sectors were negative, highlighting -2.0% in both appliances & computers and glass & hardware

  • We expect sales to accelerate in 4Q22, with fundamentals remaining as the main support for household consumption

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