Retail sales in Colombia fell 1.7% year-on-year in May, marking the fifteenth consecutive month of decrease. This negative trend has accelerated from the previous month’s 1.6% dip. The protracted drop in retail sales reflects Colombia’s larger economic slump. This slowing has been substantially affected by the Colombian central bank’s aggressive interest rate hikes. These measures were intended at reducing demand and stabilizing the economy. Impacted sectorsSeveral main areas have made a significant contribution to the overall fall in retail sales. This includes:Motor Vehicle Fuels: This secto…