EconomyFinancialRetail sales hit record high in February

Retail sales hit record high in February

In February, retail sales in Mexico exceeded the pre-pandemic level and reached a new all-time high, according to figures from the National Institute of Statistics and Geography (Inegi).

Income from the supply of goods and services in retail trade grew 0.8% at a monthly rate and real average wages fell 0.3%. Total employed personnel, however, remained unchanged.

At an annual rate, retail sales grew 6.3%, with a 1.3% drop in total employed personnel in this type of business and an increase in real wages of 4.4%.

With these results, retail sales scored a new all-time high in February, reaching an index of 116.7 points, higher than the maximum of January 2020, before the pandemic, when the index stood at 116.4 points.

February is the second month in a row with growth for retail sales. At an annual rate, the sales that have grown the most are those of textile products, jewelry, clothing accessories and footwear (with an increase of 23.8%).

In contrast, sales of groceries, food, beverages, ice and tobacco decreased 3.4% compared to February 2021.

Wholesale sales also grew

The Inegi also reported that the income of wholesale commercial companies increased 0.1% at the monthly rate and 7.1% at the annual rate, during February.

The dynamism has been driven mainly by the increase in wholesale sales of textile and footwear products, agricultural and forestry raw materials and the sale of machinery, equipment and furniture.

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