Brazil Inflation January 2022


Brazil: Inflation rises slightly at outset of the year

January 11, 2022

Consumer prices increased a seasonally-adjusted 0.54% from the previous month in January, which was below the 0.73% rise logged in December. January's result marked the weakest reading since June 2021. The result was driven by falling prices for transportation and easing price pressures for housing.

Inflation came in at 10.4% in January, which was up from December’s 10.1%. Meanwhile, the trend pointed up, with annual average inflation coming in at 8.8% in January, rising from 8.3% in December.

Regarding the outlook for inflation this year, Ana Madeira, chief economist at HSBC, commented:

“We forecast annual inflation to ease to 4.2% by end-2022, mostly driven by a deceleration in market-driven inflation impacted by the cumulative policy rate hikes started in March last year. Our forecast considers inflation will remain high in Q1, averaging 10.2% yoy, and only start a meaningful deceleration in H2. Upside risks to our forecast remain, especially if international oil prices fail to decelerate.”

Panelists participating in the LatinFocus Consensus Forecast see inflation ending 2022 at 4.9%, which is unchanged from last month’s forecast, and 2023 at 3.5%.

Author:, Economist

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Brazil Inflation Chart

Brazil Inflation January 2022

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

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