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March IPCA Inflation Due at 1300BST

BRAZIL
  • March IPCA data will be released at 1300BST(0800ET), with the market looking for a further decline in the annual rate of inflation to 4.01% y/y, from 4.50% in February. This would be the lowest rate of CPI inflation since July last year. BBVA note that March IPCA could finally be more benign, as some food pressures may start to fade and base effects could drive annual inflation a notch lower. Nevertheless, the pressure from core services may not dissipate completely.
    • March IBGE Inflation IPCA YoY, est. 4.01%, prior 4.50%
    • March IBGE Inflation IPCA MoM, est. 0.25%, prior 0.83%
  • Meanwhile, BCB Governor Campos Neto is expected to attend a public event in Brasilia at 1400BST and will appear on a TV programme at Globonews at 1830BST.
  • In other news, Minister of Mines and Energy Alexandre Silveira said yesterday that it was not true the government had agreed anything about the distribution of extraordinary dividends from Petrobras. The Board of Petrobras will decide when the distribution of extraordinary dividends will be opportune, he said. His comments follow a report in Valor earlier this week that the government is set to propose to the Petrobras board a payout of 50% of its extraordinary dividends.
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  • March IPCA data will be released at 1300BST(0800ET), with the market looking for a further decline in the annual rate of inflation to 4.01% y/y, from 4.50% in February. This would be the lowest rate of CPI inflation since July last year. BBVA note that March IPCA could finally be more benign, as some food pressures may start to fade and base effects could drive annual inflation a notch lower. Nevertheless, the pressure from core services may not dissipate completely.
    • March IBGE Inflation IPCA YoY, est. 4.01%, prior 4.50%
    • March IBGE Inflation IPCA MoM, est. 0.25%, prior 0.83%
  • Meanwhile, BCB Governor Campos Neto is expected to attend a public event in Brasilia at 1400BST and will appear on a TV programme at Globonews at 1830BST.
  • In other news, Minister of Mines and Energy Alexandre Silveira said yesterday that it was not true the government had agreed anything about the distribution of extraordinary dividends from Petrobras. The Board of Petrobras will decide when the distribution of extraordinary dividends will be opportune, he said. His comments follow a report in Valor earlier this week that the government is set to propose to the Petrobras board a payout of 50% of its extraordinary dividends.