LatinNews Daily - 01 March 2022

In brief: Brazil fears impact of war on inflation

* Brazil’s economy minister, Paulo Guedes, has expressed concern over the impact of the war between Russia and Ukraine on global inflation. Commodities prices soared after Russia’s invasion of its neighbour last week - for example the price of wheat, for which Ukraine and Russia account for around a third of global output, has increased 23.2% over the last month. “We’re preoccupied with global inflation”, Guedes told TV Bloomberg. “This is not good for the world”, he said, citing Ukraine’s importance for the grains market and Russia’s for fertilisers, where Brazil is concerned. However, Guedes denied that Brazil in particular is facing inflationary pressures, saying that inflation is a global phenomenon at the moment as the world recovers from the impacts of the coronavirus (Covid-19) pandemic. Inflation in Brazil closed the year at 10.06% in 2021, and rose to 10.38% in the 12 months to January 2022. 

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