LatinNews Daily - 12 April 2022

In brief: Central bank president comments on inflation in Brazil

* The president of Brazil’s central bank (BCB), Roberto Campos Neto, has said that the latest inflation figures, according to which consumer prices increased 1.62% in March, have come as a “surprise”. “Our inflation is very high, core [inflation] is very high. We’ve communicated in the most transparent way possible our process for dealing with this higher and more persistent inflation. I believe that it is a topic we will discuss a lot in the coming days,” Campos Neto said during an online event, saying the BCB will analyse whether the latest inflation figures affect the overall trend. The BCB has been pursuing an aggressive policy of monetary tightening since last year in a bid to contain inflation; the benchmark interest rate, the Selic, currently stands at 11.75%, but some analysts now expect rate hikes to continue beyond June, considering the possibility that the Selic could reach 14%.

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