Brazil's retail sales jump 8.2% in February, higher than estimates

Retail sales in Brazil jumped 8.2% in February, on an annual basis, rising much more than market estimates, according to data released Thursday.

The expectation for the figure was to show an annual increase of 3.3% in February, following a 4% year-on-year increase in January.

On a monthly basis, retail sales rose 1% in February, compared to January, the Brazilian Institute of Geography and Statistics (IBGE) figures showed.

The expectation for the figure was to show a monthly decrease of 1%.

Retail sales increased 2.8% in January, compared to the previous month.