The IPCA-15 consumer price index — regarded as a mid-month predictor of Brazil’s official inflation rate — rose 1.2 percent in October, according to data released this Tuesday by the Brazilian Institute of Geography and Statistics (IBGE). The result is the highest for October since 1995 and the highest monthly increase since February 2016.
Market projections had forecast lower inflation for the month, with financial data firm Refinitiv expecting a 0.97-percent increase in October. Over the last 12 months, the IPCA-15 has risen 10.34 percent.
Electricity prices were the greatest factor in October’s rise, increasing 3.91 percent and making up 0.19 percentage points of the total increase. Transport came next, with an increase in fuel costs and airfares leading to a 2.06 percent hike. Food and beverages also became 1.38 percent more expensive in the last month.
Latest figures cast doubt on Central Bank president Roberto Campos Neto’s claims that Brazil’s inflation would peak in September. Indeed, the current inflationary spiral was played down as a temporary blip when it first appeared over a year ago.
Official inflation is well above the government’s 3.75 percent target, even surpassing the upper limit of the administration’s tolerance band.
The specialization trend among corporate board members It is not only a matter of perception:…
Panama will hold its presidential elections on Sunday, months after huge protests saw thousands descend…
The city of Rio de Janeiro estimates that a Madonna concert this Saturday on Copacabana…
Latin America’s trend of banning opposition candidates from elections has caught on in an ever-growing…
The São Paulo City Council on Thursday approved legislation authorizing Brazil’s largest city to sign…
The preliminary report on AI regulations presented to Brazil’s Senate last week provides a middle-of-the-road…