Inflation in Brazil

Brazil Inflation | Economic News & Forecasts

Brazil - Inflation

Inflation dips slightly in December, remains above 10%

Consumer prices increased a seasonally-adjusted 0.73% from the previous month in December, which was below the 0.95% rise seen in November but nonetheless marked the 19th month of rising prices. Looking at the details of the release, prices for transport grew at a markedly slower pace, while contrastingly, food and beverages costs rebounded after falling in the previous month.

Inflation eased to 10.1% in December from 10.7% in November, which had marked the joint-highest inflation rate since January 2016. Meanwhile, the trend pointed up, with annual average inflation coming in at 8.3% in December (November: 7.8%).

Commenting on the outlook, Solange Srour and Lucas Vilela, economists at Credit Suisse, see inflation remaining high in the coming years:

“We maintain our forecasts for IPCA inflation of 6.0% in 2022 and 3.8% in 2023. Inflation in Brazil is highly inertial, as many prices are contractually or implicitly linked to past inflation. Furthermore, sharp increases in input costs (e.g., fuel, electricity, and food prices) and prices frozen during the pandemic (e.g., educational courses and healthcare plans) are likely to be an important source of inflation pressure, despite the reduction in demand and increase in economic slack.”

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%.

Brazil - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)9.0  8.7  3.4  3.7  3.7  

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Brazil Inflation Chart

Brazil Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Brazil Institute of Geography and Statistics.

Brazil Facts

Value Change Date
Bond Yield6.79-0.82 %Dec 31
Exchange Rate4.02-0.13 %Jan 01

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