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IPCA Inflation Data Scheduled, Bolsonaro Narrowing Gap With Lula

BRAZIL
  • Consumer prices as measured by the IPCA index probably rose by 1.35% in March on a monthly comparison, according to economists surveyed by Bloomberg, compared to a 1.01% increase in prior reading. National statistics agency IBGE to release report at 1300BST/0800ET:
    • March IBGE Inflation IPCA Y/y, est. 11.00%, prior 10.54%
    • March IBGE Inflation IPCA M/m, est. 1.35%, prior 1.01%
  • President Bolsonaro is narrowing the gap with Luiz Inacio Lula da Silva, the front-runner in Brazil’s presidential race, as increased aid to poorer voters improves their view of his government. (BBG)
    • Bolsonaro is also having more success in peeling off supporters from other candidates whose campaigns are losing momentum, according to a new poll.
    • A survey by Quaest released Thursday found that 46% of Brazilians want Lula to win the October election, up from 44% in March. At the same time, 31% said they want Bolsonaro to win a second term, up from 26% previously.
  • Government will reduce IPI tax by up to 33%, Economy Minister Paulo Guedes said during a Bradesco’s virtual event.
    • A new reduction in the IPI tax opens the way for a cut in import tariffs too, he said.
    • According to Guedes, government will continue to reduce taxes to contain prices.
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