Brazil: Inflation comes in at highest level since October 2003 in April
Consumer prices increased a seasonally-adjusted 1.06% in April over the previous month, slowing down from March’s over 19-year high of 1.62%. The moderation was largely due to softer growth in prices for transportation. In addition, price pressures for food and beverages eased.
Inflation increased to 12.1% in April, following March’s 11.3%, thus moving further above Brazil’s Central Bank 3.5% target for 2022. April’s reading marked the highest inflation rate since October 2003 and the eighth consecutive month with inflation above 10.0%. Accordingly, the trend pointed up, with annual average inflation coming in at 10.1% in April (March: 9.7%).