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Brazil's consumer confidence hits record high

11-25-2010 14:28 BJT

RIO DE JANEIRO, Nov. 24 (Xinhua) -- Brazil's Consumer Confidence Index (ICC) reached record-high 125.4 points in November, up 2.7 percent from October, according to a new study.

It is the ninth consecutive monthly ICC rise and represents a 8.6 percent growth year on year, said the study released by the Getulio Vargas Foundation (FGV) on Wednesday. The ICC also accumulated a rise of 11.6 percent year to date.

The FGV says the positive indicator is mainly due to the increase in the confidence levels of poorer consumers, boosted by the announcement of a rise in the minimum wage and the certainty that the government's social programs will remain unchanged under the new administration.

The share of consumers who consider Brazil's current economic scenario as "good" rose from 31.7 percent in Ocotber to 34.6 percent in November.

The FGV study was carried out between Nov. 1 to Nov. 20 among 2,000 consumers in seven state capitals.

Editor:Zhang Jingya |Source: Xinhua

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