Brazil Inflation May 2022


Brazil: Inflation slides in May

June 9, 2022

Consumer prices rose a seasonally-adjusted 0.47% in May over the previous month, moderating from April's 1.06% increase. May's result marked the weakest reading since April 2021. The slowdown was primarily driven by softer growth in prices for transportation. In addition, price pressures for food and beverages eased. Moreover, prices for health and personal care grew at a more subdued pace.

Inflation dropped to 11.7% in May, following April’s 12.1%. However, inflation remained well above the Central Bank’s 3.5% target. Meanwhile, the trend pointed up, with annual average inflation coming in at 10.4% in May (April: 10.1%).

FocusEconomics Consensus panelists see inflation closing 2022 at 7.5%, which is up 1.1 percentage points from last month’s forecast, and 2023 at 3.9%.


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Brazil Inflation Chart

Brazil Inflation May 2022

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

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