A major drop touched in 5 months for the retail sales in Brazil has been recorded for November, the slip was triggered mainly by the surged prices of fuel.

According to IBGE report, Brazil's retail sales slipped by 0.6% in November compared to October's figures, exceeding the projections at 0.3% in a poll conducted by Reuters, the figures marked the first gloomy results in 7 months.

Research manager Cristiano Santos reported that Brazil encountered a major setback in consumption and the spiked interest rate consequently had a negative impact on the retail sales figures.

Retail sales in November slipped by 1.5% for the year while predictions hovered around 1.9% surge.

Fuel prices soared last November post consecutive shrink in prices that started last year in July which impacted the companies’ earnings, on the top of that Black Friday did not achieve the expected growth which put pressure also on the retail sales figures.