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Brazil Inflation January 2023

Brazil: Inflation remains steady in January

Inflation held steady at December’s 5.8% in January, pausing a six-month strike of easing price pressures. January’s result, together with December’s, represented the weakest inflation rate since February 2021, but remained above the Central Bank’s 3.5% target. Looking at the details of the release, prices for transportation fell at a slower rate in January, while prices for food and beverages rose at a slower rate. Moreover, prices for clothing grew at a more subdued pace. These offset prices for housing and utilities accelerating in January.

Meanwhile, the trend pointed down, with annual average inflation falling to a one-year low of 8.9% in January (December: 9.3%).

Lastly, consumer prices rose a seasonally adjusted 0.53% over the previous month in January, slowing down from December’s 0.62% increase.

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