2023.07.2013:34:00UTC+00Mexico Retail Sales Fall Unexpectedly In May

Mexico's retail sales decreased unexpectedly in May after recovering in the prior month, data from the National Institute of Statistics and Geography, or INEGI, showed on Tuesday.

Retail sales fell a seasonally adjusted 0.5 percent month-over-month in May, reversing a 1.3 percent rise in April. Meanwhile, economists had expected an increase of 0.3 percent.

On a yearly basis, retail sales growth moderated to 2.3 percent in May from 4.4 percent a month ago.

Without adjustment, retail sales advanced 2.6 percent annually in May, versus an expected increase of 3.5 percent.

Sales of textile products, costumes, jewelry, clothing accessories, and footwear logged a sharp annual growth of 13.4 percent.

Data also showed that wholesale trade decreased by 4.8 percent annually, while it rose 1.4 percent monthly in May.