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Mid-December IPCA Inflation Data, Haddad Press Conference

BRAZIL
  • Consumer prices as measured by the IPCA-15 index likely registered at 4.56%, after a November reading of 4.68% Y/y. Goldman Sachs noted that the data is expected to benefit from lower monthly readings in airfares and food at home, clothing and (durable) household goods. Administered/regulated inflation is projected to accelerate to +0.5% (from -0.11% in Nov) on the back of the fading impact from gasoline price declines and the reversal of the Nov decline in urban transportation fares. National statistics agency to disclose data at 1200GMT/0700ET:
    • Dec. IBGE Inflation IPCA-15 YoY, est. 4.56%
    • Dec. IBGE Inflation IPCA-15 MoM, est. 0.25%, prior 0.33%
  • According to GS, core inflation is expected to remain mild at under 0.3%, with the annual rate possibly dipping below 4%. Services inflation is forecasted to moderate from Nov with the annual rate moving below 6%.
  • Additionally, Finance Minister Fernando Haddad is scheduled to hold a press conference on Thursday at 10am Brasilia time, according to the finance ministry. Haddad is expected to speak about acts to be signed by the federal government before the turn of the year. The press conference will be transmitted via the official Ministry of Finance YouTube channel.
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