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Brazil Inflation

Brazil Inflation

Inflation in Brazil

Brazil's inflation from 2013 to 2022 was characterized by volatility, with rates frequently fluctuating between 5% and 10%. Economic and political instability, fluctuating commodity prices, and shifts in fiscal policies largely influenced these changes. High inflation periods were marked by currency depreciation and fiscal deficits. Towards the end of the decade, Brazil faced challenges in controlling inflation, particularly due to the economic impacts of the COVID-19 pandemic and rising global commodity prices.

Consumer price inflation in Brazil averaged 6.2% in the ten years to 2022, below the Latin America regional average of 8.4%. The 2022 average figure was 9.3%. For more inflation information, visit our dedicated page.

Brazil Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Brazil from 2014 to 2023.
Source: IBGE.

Brazil Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 3.7 3.7 3.2 8.3 9.3
Inflation (CPI, ann. var. %, eop) 3.7 4.3 4.5 10.1 5.8

Inflation falls to lowest level since July 2023 in January

Inflation came in at 4.5% in January, down from December’s 4.6%. January's reading represented the weakest inflation rate since July 2023. Looking at the details of the release, January’s moderation was primarily driven by slower growth in prices for transportation. Accordingly, the trend pointed down mildly, with annual average inflation coming in at 4.5% in January (December: 4.6%). Lastly, consumer prices rose a seasonally adjusted 0.42% in January over the previous month, moderating from the 0.56% increase logged in December.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Brazilian inflation projections for the next ten years from a panel of 41 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Brazilian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Brazilian inflation projections.

Want to get access to the full dataset of Brazilian inflation forecasts? Send an email to

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