RIO DE JANEIRO, July 16 (Reuters) - Retail sales volumes in Brazil rose 0.5 percent in May from April, the strongest increase since November 2013, the government statistics agency IBGE said on Wednesday.
Retail sales had been expected to drop by 0.1 percent, according to the median estimate of 21 economists polled by Reuters. Forecasts ranged from a drop of 0.6 percent to a rise of 0.6 percent.
May’s retail sales rose 4.8 percent from the year-earlier period, the IBGE added. (Reporting by Rodrigo Viga Gaier and Felipe Pontes; Writing by Silvio Cascione Editing by W Simon)