Inflation predictor rises 0.81 percent in biggest November spike since 2015

Photo: Nuttapol Pingpittayakun/Shutterstock

Food prices continue to rise in Brazil, pushing inflation indexes up in the process. The Brazilian Institute of Geography and Statistics informed that food and beverage products were the main drivers of the IPCA-15, a mid-month inflation measurement that helps predict the official monthly rate.

In November, the index rose 0.81 percent — the highest increase for the period in five years.

Meat, potatoes, and rice — products consumed by most families — saw the largest price hikes this month, at 4.89, 33.3, and 8.29 percent, respectively.

On Monday, President Jair Bolsonaro told supporters that the pandemic “disjointed the market” and that it would be impossible for the government to freeze prices. Back in September, the president asked vendors to prove their patriotism and reduce their margins to “next to zero” in order not to overburden poor consumers.

Changes in food prices weigh disproportionately on the poor, and the burden could be even heavier once the coronavirus emergency salary expires after December.

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