LatinNews Daily - 02 February 2023

In brief: Brazil maintains high interest rate

* Brazil’s central bank (BCB) has maintained its benchmark interest rate at 13.75%, noting that it expects inflation to gradually fall in line with its target rate of 3.25% +/-1.5 over the next two years, with predicted inflation of 5.6% for 2023 and 3.4% for 2024. The latest inflation figures from Brazil’s national statistics institute (Ibge) put annual inflation at 5.79% in December, when monthly inflation was 0.62%. The BCB highlighted a number of risks for the Brazilian economy going forward, including the persistence of global inflationary pressures, “still heightened uncertainty about the country’s future fiscal framework and fiscal stimuli”, and the risk of a slump in international commodity prices or a larger than expected global economic slowdown.

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