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Brazil's seasonally adjusted FGV-IBRE Consumer Confidence Index edged down 0.3 points to 88.8 in May 2026, after two consecutive months of gains. The survey signaled a mixed picture across its components: the Expectations Index (IE) declined 1.0 point to 91.3, while the Current Situation Index (ISA) advanced 0.8 points to 86.1, its highest level since December 2014 (86.5). The overall dip in confidence was driven by weaker expectations for the coming months, in contrast with still favorable assessments of current conditions, which remain at their strongest level since late 2014. Among consumers earning up to R$4,800, expectations about the future worsened, underscoring this group’s higher sensitivity to economic uncertainty. “Overall, the May results suggest that current conditions remain stable, but there is growing caution regarding the outlook,” said Anna Carolina Gouveia, economist at FGV IBRE.
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