Brazil Inflation


Inflation eases in April

In April, consumer prices increased 0.55% over the previous month, which was above both the 0.47% rise recorded in March and market expectations of a 0.48% price increase. The rise was mainly driven by higher prices for food and beverages as well as for health and personal care.

Annual headline inflation, however, inched down from 6.6% in March to 6.5% in April. As a result, inflation is now within the Central Bank's target of 4.5% with a tolerance margin of plus/minus 2.0 percentage points.

The Central Bank expects inflation to moderate to 5.7% by the end of this year and to ease further to 5.3% by the end of 2014. LatinFocus Consensus Forecast participants see IPCA inflation closing 2013 at 5.7%, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees inflation also at 5.7%.


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Brazil Inflation Chart

Brazil Inflation April 2013

Note: Annual and monthly var. of IPCA consumer price index in %.
Source: Brazilian Institute of Geography and Statistics (IBGE).

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