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May IPCA Inflation Due At 1300BST/0800ET

BRAZIL
  • In an online event yesterday, BCB Director Paulo Picchetti said that division in the central bank’s latest monetary policy decision had nothing to do with differences on the economic diagnosis. Consistent with comments from other BCB officials in recent days, he also said that the de-anchoring of inflation expectations for 2025 is a challenge for monetary policy. Prices of industrial goods are well behaved, he said, but services prices are far above target.
  • On the data front, May IPCA inflation data are due to be released at 1300BST(0800ET), with consensus for prices to rise by 0.42% m/m (vs. +0.38% prior), lifting the annual rate of inflation to 3.88% y/y, from 3.69%. Earlier, weekly FIPE CPI rose by 0.25% m/m in the week ending June 7, vs. +0.04% previously.
    • May IBGE Inflation IPCA YoY, est. 3.88%, prior 3.69%
    • May IBGE Inflation IPCA MoM, est. 0.42%, prior 0.38%
  • Meanwhile, BCB President Campos Neto is due to give a lecture at an event promoted by Valor Capital Group at 1410BST(0910ET). Finance Minister Haddad has a meeting with Petrobras, Shell, and Repsol e Galp representatives at 2000BST(1500ET).
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