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FGV Inflation Very Modestly Below Forecast

BRAZIL
  • FGV inflation for February came in below forecast, at -0.06% M/M vs. Exp. +0.05%, +1.86% Y/Y vs. Exp. +1.98%.
  • The weekly economist survey showed inflation forecasts notched higher by 1bps for 2023 and 2025. 2022 GDP expectations were higher by 5bps, but unchanged out to 2025. No changes were made to the SELIC rate expectations, which remain at 12.75% for 2023, 10.00% for 2024 and 9.00% for 2025.
  • Focus turns to central government budget balance and outstanding loans data for January.

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