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MNI BRIEF: Brazil Service Inflation Data Worsens - Campos Neto

(MNI) BRASILIA

The components of service inflation that are gathering speed are unrelated to the labor market, BCB Governor Campos Neto says.

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Recent Brazilian services inflation data was “marginally worse”, central bank Governor Roberto Campos Neto said on Wednesday, adding that it is still unclear whether monetary policy will continue with a smooth trajectory during the “last mile” of its fight to lower inflation.

But the fastest-rising components of services inflation, including the cost of financial services, are not indicative of wages inflation, Campos Neto said at an event sponsored by members of the Brazilian Congress.

“The latest data on service inflation was marginally worse,” he said, adding “We don’t have enough data to conclude that we will cover this last mile in a linear fashion or whether there will be moments of slower convergence." (See MNI INTERVIEW: Copom At Ease With Market Rate Pricing-Kfoury)

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Recent Brazilian services inflation data was “marginally worse”, central bank Governor Roberto Campos Neto said on Wednesday, adding that it is still unclear whether monetary policy will continue with a smooth trajectory during the “last mile” of its fight to lower inflation.

But the fastest-rising components of services inflation, including the cost of financial services, are not indicative of wages inflation, Campos Neto said at an event sponsored by members of the Brazilian Congress.

“The latest data on service inflation was marginally worse,” he said, adding “We don’t have enough data to conclude that we will cover this last mile in a linear fashion or whether there will be moments of slower convergence." (See MNI INTERVIEW: Copom At Ease With Market Rate Pricing-Kfoury)