Brazil Inflation

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Brazil: Inflation reaches year-high in June

July 8, 2014

Consumer prices rose 0.40% in June over the previous month. The print was virtually in line with both the 0.46% increase recorded in May and market expectations of a 0.39% rise. Seven of the nine categories that comprise the consumer price index registered increases in June with the strongest increases tallied in personal expenditures and health services. Conversely, price drops were registered in food and beverages as well as in health services.

Annual headline inflation inched up from 6.4% in May to 6.5% in June, marking the highest inflation rate since June 2013. As a result, inflation has reached the upper limit of 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 6.4% at the end of 2014. For 2015, the Bank sees inflation closing the year at 6.0%. LatinFocus Consensus Forecast participants see inflation closing 2014 at 6.4%, which is unchanged from last month’s forecast. For 2015, the panel expects inflation of 6.2%.


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Brazil Inflation June 2014

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


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