LatinNews Daily - 21 January 2022

In brief: Santander concerned about inflation in Brazil

* The Brazilian subsidiary of Spain's banking giant Santander has released its latest macro scenario update on Brazil, in which it warns that “inflation [is] still a concern” this year. Santander Brasil has raised its forecast for the 2022 consumer price index to 6.0% (from 5.8% previously), noting that it envisions a “sticky and risky disinflation process ahead”. The bank has maintained its 0.7% projection for GDP growth this year. Santander Brasil also notes that, although it expects Brazil to have seen a primary surplus of 0.4% of GDP in 2021, risks remain on the path to fiscal consolidation, largely due to the constitutional reform approved last year which changed the rules regarding the spending cap.

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