LatinNews Daily - 25 March 2022

In brief: Brazil’s central bank raises inflation forecast

* Brazil’s central bank (BCB) has released its first quarterly inflation report for 2022, in which it revises its inflation forecast for this year upwards. The BCB now expects consumer inflation to close 2022 at 7.1% in a scenario where oil prices keep rising, or 6.3% if oil prices fall throughout the year (up from inflation forecasts of 4.7% in its December 2021 report). In both cases, inflation would fall beyond the BCB’s target range for 2022, which is set at 3.5% +/- 1.5. The BCB cites higher international oil prices (a consequence of the war sparked by Russia’s invasion of Ukraine) and higher-than-expected inflation recently amongst the reasons for raising inflation forecasts.

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