- Annual retail sales fell 0.2% in December versus +2.5% expected.
- The Mexican peso weakens slightly after the publication.
Mexico's retail sales fell in December, surprising markets. According to a report from the National Institute of Statistics and Geography (INEGI), Retail sales fell 0.2% annually in December after rising 2.7% in November. The figure disappoints market expectations, as an increase of 2.5% was expected. This is the first drop recorded by the indicator in almost three years, specifically since February 2021.
On a monthly basis, retail sales fell 0.9% after growing 0.1% the previous month. The result is well below consensus forecasts, which estimated an increase of 0.2%. This is the largest month-on-month drop seen since December 2020.
Mexican peso reaction
The Mexican Peso has weakened slightly against the US Dollar following the publication, causing a rise in the USD/MXN from 17.05 to 17.07. At the time of writing, the cross is trading above 17.06, gaining 0.05% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
