Higher Interest Rates Could Dampen Consumer Spending

The Brazilian supermarket association ABRAS has announced that supermarket sales in July were 10.4% higher than a year ago. This continues the high level of growth seen throughout 2008, with sales in the first seven months of the year up by 8.9% year-on-year. These figures have led the association to increase its growth forecast for the year to 8%, up from 4.5%-5% predicted at the start of the year.

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