Brazil's retail sales jump 5.1% annually in August

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - Retail sales in Brazil jumped 5.1% annually in August, according to data released Thursday by the Brazilian Institute of Geography and Statistics (IBGE).

The figure was much higher than expectations of a 3.6% gain.

The annual figure for July, meanwhile, showed an increase of 4.6%.

Retail sales, however, posted a monthly decline of 0.3% in August, the IBGE said in a statement.

The estimate for the monthly figure was to show a 0.5% decrease, after rising 0.6% month-on-month in July.