Brazil Inflation


Brazil: Inflation accelerates in January

February 9, 2015

Consumer prices in January increased 1.24% over the previous month, which marked the largest increase since February 2003. The print was above the 0.78% increase recorded in December, but matched market expectations. The result was driven largely by notable rises in the prices for transportation and housing, as well as for food and beverages.

Annual headline inflation rose from December’s 6.4% to 7.1% in January, which marked the highest level since September 2011. As a result, inflation is now above the Central Bank’s tolerance margin of plus/minus 2.0 percentage points around 4.5%.

The Central Bank sees inflation closing 2015 at 6.0%. LatinFocus Consensus Forecast participants see inflation closing 2015 at 6.4%, which is unchanged from last month’s forecast. For 2016, the panel expects inflation of 5.8%.

Author: Angela Bouzanis, Senior Economist

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Brazil Inflation Chart

Brazil Inflation January 2015

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

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