LatinNews Daily - 12 October 2020

* Brazil’s national statistics institute (Ibge) has released the latest figures for the consumer price index (IPCA), according to which monthly inflation reached 0.64% in September - the highest figure for the month since 2003. This brings annual inflation to 3.14%, up from 2.44% in August. Increases in the price of food & drink, particularly for domestic consumption, drove this spike in inflation, with soya oil prices rising by 27.54% in August, and the price of rice by 17.98%. The coordinator of the Ibge’s research, Pedro Kislanov, noted that increased internal demand and a strong US dollar help explain this rise in prices. A spike in inflation in the short term is expected by Brazil’s central bank (BCB), although inflation is still forecast to close the year below the target range of 4% +/-1.5.

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