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Banxico Inflation Report, Brazil IPCA-15 Inflation Due Next Week

LATAM
  • Attention will be on Banxico’s latest inflation report on Wednesday, while on the data front Brazil half-month CPI inflation data for the first half of May are due on Tuesday. April unemployment rate data will also be released across the region, while in Colombia the central bank will hold a (non-monetary policy) Board meeting on Friday.
    • The BCB will publish its weekly Focus survey on Monday, alongside outstanding loans data for April.
    • On Tuesday, Brazil IPCA-15 inflation data for the first half of May will take the focus. Consensus is for a marginal decline in the headline inflation rate to 3.73% y/y, from 3.77%.
    • Banxico will publish its latest inflation report on Wednesday, while in Brazil FGV IGPM inflation data and April unemployment figures will cross. Analysts expect the unemployment rate to tick down to 7.8%.
    • Mexico and Chile will both publish April unemployment rate figures on Thursday, with the rate in Mexico currently at 2.28%, while in Chile it is tracking at 8.7%.
    • On Friday, BanRep is due to hold a (non-monetary policy) Board meeting, while on the data front April unemployment figures for Colombia will be released. In Brazil, latest budget balance figures are due, while Chile will publish activity data for April, including retail sales, IP and copper production.

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