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Brazil Consumer Confidence At Record Low In April: FGV

Brazil's consumer confidence eroded sharply in April to reach its record low in its 15-year history, as households became very pessimistic about future amid the outbreak of the coronavirus, or Covid-19, pandemic.

The consumer confidence index shed 22 points to hit 58.2, the lowest since the historical series began in September 2005, survey data from the think tank FGV showed on Monday. The previous low was 64.9 reached in December 2015.

Consumers were increasingly pessimistic regarding economic situation of the country and also about their own financial conditions amid the virus outbreak and the consequent containment measures adopted.

Downbeat sentiment spread among the different income classes and most households tightened consumption. They spending only on essential goods and services.

"It is still difficult to see a significant improvement in the next months, given the high level of economic and political uncertainty," Viviane Bittencourt, survey coordinator at FGV IBRE, said.

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