Inflation is going down in Brazil. Or is it? Last week, the country’s official statistics agency published a 0.68-percent deflation rate for July. It was a historic result — the lowest ever recorded for a single month since at least 1980.
The government celebrated the results with a victory lap, with President Jair Bolsonaro boasting that good things are happening in the country. But a look under the hood of these inflation numbers suggests we should see the data in a much more sober light.
We explain why.
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