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Bolsonaro Deems Further Fuel Price Rises a “Crime”

BRAZIL
  • FGV Inflation data crossed earlier this morning, coming in slightly below expectations at 0.41% M/M vs. Exp. 0.68% and 13.53% Y/Y vs. Exp. 13.83%.
  • Speaking live on a social media appearance, Bolsonaro deemed Petrobras’ approach to profits as “unacceptable”, stating that their growing profits amid the ongoing Ukraine crisis would make raising diesel prices a “crime”. He stated that fuel prices are the primary driver for inflation at present, however he added that he will not interfere “because I have no way of interfering”. Worth noting that Bolsonaro is travelling today to Guyana, along with the Petrobras CEO and the Mines and Energy Minister.
  • The current Treasury Secretary Valle spoke late yesterday at an event with Broadcast, stating that the incoming government after this year’s elections will need a spending control in place from 2023 onwards. He also added that there is a plan in place to discuss a target for public debts in the second half of this year.
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