BRASILIA, July 14 (Reuters) - Brazil’s retail sales volumes dropped 0.9 percent in May from April, the government statistics agency IBGE said on Tuesday.
Retail sales had been expected to fall 0.3 percent, according to the median estimate of 22 economists polled by Reuters. Forecasts ranged from a drop of 0.9 percent to a rise of 0.3 percent.
May retail sales fell 4.5 percent from a year earlier , the IBGE added, worse than the 3.65 percent drop estimated in the Reuters poll. Forecasts ranged from a drop of 5.0 percent to a decline of 0.9 percent. (Reporting by Silvio Cascione)