Macro Analysis /
Global

Mexico: Retail sales extend their decline in July, impacted by virus conditions

  • Retail sales fell 0.4% m/m (+9.9% y/y), in our view impacted by a deterioration in virus conditions

  • Sector dynamics were differentiated, likely influenced in part by inflation, as well as some base effects

  • We expect more headwinds in the short-term, especially as conditions took a turn for the worse in August

Juan Carlos Alderete Macal
Juan Carlos Alderete Macal

Director of Economic Research

Francisco Jose Flores Serrano
Francisco Jose Flores Serrano

Senior Economist, Mexico

Banorte
24 September 2021
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