Consumer confidence in Brazil held stable in March, after dropping for four consecutive months, reports Agência Brasil.

The Consumer Confidence Index, compiled by the National Confederation of Industry, stood at 100 points, the same figure recorded for February. But that is still the lowest level since June 2001.

The index summarises the feelings of Brazilian consumers about their economic situation and expectations. The higher the index number, the more optimistic consumers are considered to be.

“The results show consumer confidence is stabilising and that is really important. However, it doesn’t mean it will immediately start going up,” said Marcelo Azevedo, an economist at the National Confederation of Industry, quoted by Agência Brasil.

“It is still hard to forecast a recovery. We need to see what the results are for the next couple of months,” Mr Azevedo added.

The survey is conducted in partnership with the Brazilian Institute of Public Opinion and Statistics. A total of 2,002 people were interviewed for the latest edition.