LatinNews Daily - 12 April 2021

In brief: Fuel prices drive Brazil’s inflation

* Brazil’s national statistics institute (Ibge) has released the latest figures for the consumer price index (IPCA), according to which monthly inflation totalled 0.93% in March – the highest figure for that month since 2015. This brings annual inflation to 6.1% in March, up from 5.2% recorded in February – far off the central bank’s (BCB) forecast of 5% inflation and outside of its 3.75% +/-1.5 percentage point target range. This increase was largely driven by rising fuel prices, with an 11.26% increase in petrol prices, 12.59% increase in ethanol, and a 9.05% rise in the price of diesel. Commenting on the latest inflation figures, BCB president Roberto Campos Neto has sought to reassure that the current increase in prices “is provisional and not structural”.

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