Brazil: Consumer sentiment declines further in February
Latest reading: The seasonally adjusted consumer confidence index published by the Getúlio Vargas Foundation (Fundação Getúlio Vargas) fell for a second month running in February, coming in at 86.1, down from January’s 87.3. As such, consumer sentiment moved further below the 100-point threshold, deeper into pessimistic territory. Still-elevated interest rates combined with high levels of household indebtedness likely weighed on consumers during the month.
In February, consumers were less pessimistic about their current situation (+83.5 vs +82.6 in January). However, they grew more pessimistic about the economy in the coming months (+88.7 vs +91.3 in January).
Outlook: In January–February, consumer sentiment was below Q4 2025’s level, moving deeper into pessimistic terrain, boding ill for household spending in the first quarter of 2026.