Brazil Inflation


Brazil: Inflation soars in June

July 8, 2015

Consumer prices in June increased 0.79% over the previous month. The print was above the 0.74% increase recorded in May but undershot market expectations of a 0.83% rise. The monthly increase was driven by higher prices for personal expenses—which recorded a significant increase compared to last month due to a rise in prices for gambling as a result of the recent price increase in the Mega-Sena lottery. In addition, prices for transportation rose compared to last month.

Headline inflation rose from 8.5% in May to 8.9% in June, which marked the highest rate since December 2003. As a result, inflation remains far above the Central Bank’s tolerance margin of plus/minus 2.0 percentage points around 4.5%.

LatinFocus Consensus Forecast participants see inflation closing 2015 at 7.8%, which is up 0.3 percentage points from last month’s forecast. For 2016, the panel expects inflation of 5.6%.

Author: Angela Bouzanis, Senior Economist

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Brazil Inflation Chart

Brazil Inflation June 2015

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

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