Brazil Inflation


Inflation increases to 10-month high in April

Consumer prices rose 0.67% in April over the previous month. The print was below both the 0.92% increase recorded in March and market expectations of a 0.79% rise. Although only five of the ten categories that make up the index registered price increases in April, the increases recorded in prices for food and beverages and for transport more than offset the sharp declines tallied in communications and health services.

Annual headline inflation increased from 6.2% in March to 6.3% in April, marking the highest inflation rate since June 2013. Inflation is still within the Central Bank's tolerance margin of plus/minus 2.0 percentage points around its target of 4.5%.

The Central Bank sees inflation at 5.6% at the end of 2014. For 2015, the Bank sees inflation closing the year at 5.4%. LatinFocus Consensus Forecast participants see inflation closing 2014 at 6.4%, which is up 0.2 percentage points from last month's forecast. For 2015, the panel sees inflation at 6.0%.


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Brazil Inflation Chart

Brazil Inflation April 2014

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

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