Brazil's Consumer Confidence Index (ICC) fell to 96.9 points in November, down 4.2 percent from the 101.1 points registered in October, according to a monthly study released by the Getulio Vargas Foundation (FGV) Tuesday.
It was the lowest level registered since the monthly study began in September 2005. Compared to Oct. 2007, the ICC fell 15.2 percent.
The FGV study finds that a negative assessment of household financial situation and a lower impulse to buy durable goods in the next few months led to the decline in consumer confidence levels.
Both the evaluation of the present economic situation and the expectations for the future were the worst since September 2005. The current Situation Index fell from 104 in October to 98.1 in November, while the Expectations Index fell to 96.2 points in November from 99.5 the previous month, the study shows.
Moreover, 17 percent of Brazilians considered their families' financial situation good, down from 20.6 percent in October, while 16.1 percent considered their families' situation bad, up from 13.9 percent in October.
The number of Brazilians who intend to spend more in the next several months fell from 17.5 percent in October to 14.4 percent in November. The number of those intending to spend less increased from 32.9 percent to 35.6 percent in the same period, according to the study.
The FGV interviewed over 2,000 people in seven main provincial capitals from Oct. 31 to Nov. 19.
(Xinhua News Agency November 26, 2008)
