LatinNews Daily - 11 April 2022

In brief: Brazil inflation hits 18-year high

* Brazil’s national statistics institute (Ibge) has released the latest figures on the consumer price index (IPCA), which show that monthly inflation stood at 1.62% in March – the highest figure for the month since 1994. This brings 12-month inflation to 11.30%, the highest annualised figure since October 2003. This surge in inflation was primarily driven by a 6.70% monthly increase in the price of fuel, which drove up prices in the transport category. Ibge’s research manager, Pedro Kislanov, notes that higher fuel prices contributed to inflation in other categories, such as food, where price increases were due to both climatic factors and the increased price of freight. Brazil’s central bank (BCB) has long abandoned hope of meeting its inflation target range of 3.5% +/- 1.5 this year.

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