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Mid-Month IPCA Inflation Data Expected To Fall To 4.19% Y/y

  • Consumer prices as measured by the IPCA-15 index are expected to rise 0.60% in April on a monthly basis, according to economists surveyed by Bloomberg. This would bring the annual reading down to 4.19% from 4.65% for the full March reading. The National statistics agency IBGE are scheduled to release the report at 1300BST/0800ET:
    • April IBGE Inflation IPCA-15 M/m, est. 0.60%, prior 0.69%
    • April IBGE Inflation IPCA-15 Y/y, est. 4.19%, prior 5.36%
  • On Tuesday, BCB Governor Roberto Campos Neto sat through nearly five hours of questioning from lawmakers over his refusal to cut interest rates. Campos Neto remained steadfast that his committee will not begin an easing cycle until inflation risks are under control.
  • “It’s obvious that we want to have low rates and that the central bank wants to see borrowing costs fall,” Campos Neto told lawmakers. “You need to have correct timing and the correct credibility because we want a sustainable decline in rates.”
  • Campos Neto called the new fiscal framework bill a step in the right direction but said that the central bank needed to wait to judge its effects on inflation expectations.

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