Brazilian consumer credit demand rose 9.1% year over year and grew 5.4% month over month in January, according to credit research firm Boa Vista SCPC.

In the 12-month rolling period through January, the indicator advanced 1.5% compared to the previous period.

Among segments, the 12-month evaluation for the financial segment had its first positive result since 2013, growing 0.7%. Meanwhile, the nonfinancial segment rose by 1.9% for the same basis of comparison.

"With the resumption of economic activity, consumption continues in a recovery trend, helping to increase the demand for credit," the credit research firm noted, adding that the indicator is expected to continue its recovery due to recently improved interest rates and inflation prospects.