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Brazil Inflation March 2022

Brazil: Inflation comes in at highest level since October 2003 in March

Consumer prices increased a seasonally-adjusted 1.62% in March over the previous month, picking up from the 1.01% increase logged in February. March’s result marked the highest reading since January 2003. The acceleration was broad-based, with greater price pressures recorded for transportation, food and beverages, and housing.

Inflation surprised on the upside in March and jumped to 11.3%, above February’s 10.5%, thus moving further above Brazil’s Central bank target of 3.5% for 2022. March’s result marked the highest inflation rate since October 2003 and the seventh consecutive month with inflation above 10.0%. Consequently, annual average inflation rose to 9.7% in March (February: 9.2%).

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