Retail credit demand up 9.3% y-o-y in July, but down 1.2% m-o-m - Serasa

Retail credit demand in Brazil increased 9.3% year-on-year in July, a slowdown from June and the lowest rate in the last 13 months, credit information firm Serasa Experian said in a press release. Serasa's indicator, which is based on survey data, decreased for the second consecutive time in a month-on-month comparison, shrinking 1.2% in July. Overall for the first seven months of the year, retail credit demand was up 13.0% from the year-ago period, a slowdown compared to the 13.7% recorded in 1H11 over 1H10. According to Serasa economists, in terms of the monthly comparison, retail credit demand continues to be impacted by the current economic cycle, with successive interest rates hikes by central bank BCB and the government's macroprudential measures aimed at containing inflationary pressures.