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Faster climb in Brazil's inflation
Source: Bloomberg News |
December 20, 2012, Thursday
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Print Edition
Print Edition
BRAZIL'S inflation quickened more than analysts hoped in the month through mid-December as food and service prices rose even amid slower growth.
Prices as measured by the IPCA-15 price index rose 0.69 percent in the period, the fastest pace in 19 months, the national statistics agency said yesterday. The median estimate from 41 analysts surveyed by Bloomberg News was for a 0.64 percent rise. Annual inflation quickened to 5.78 percent compared with the 4.5 percent mid-point of the central bank's target.
Policymakers have cut Brazil's benchmark lending rate by 525 basis points since August 2011, more than any other Group of 20 nation, to a record 7.25 percent, and pledged to keep the rate at that level for a "prolonged period."
Brazilian President Dilma Rousseff's administration has also lowered sales taxes, cut payroll taxes, and reduced reserve requirements to boost economic growth.
Economists surveyed by the central bank cut their forecasts for 2012 and 2013 gross domestic product for the fifth straight week, saying the economy will expand 1 percent this year and 3.4 percent next year.
Food and beverage prices, which surged recently amid droughts in the US and Brazil, rose 0.97 percent in the month through mid-December.
Prices as measured by the IPCA-15 price index rose 0.69 percent in the period, the fastest pace in 19 months, the national statistics agency said yesterday. The median estimate from 41 analysts surveyed by Bloomberg News was for a 0.64 percent rise. Annual inflation quickened to 5.78 percent compared with the 4.5 percent mid-point of the central bank's target.
Policymakers have cut Brazil's benchmark lending rate by 525 basis points since August 2011, more than any other Group of 20 nation, to a record 7.25 percent, and pledged to keep the rate at that level for a "prolonged period."
Brazilian President Dilma Rousseff's administration has also lowered sales taxes, cut payroll taxes, and reduced reserve requirements to boost economic growth.
Economists surveyed by the central bank cut their forecasts for 2012 and 2013 gross domestic product for the fifth straight week, saying the economy will expand 1 percent this year and 3.4 percent next year.
Food and beverage prices, which surged recently amid droughts in the US and Brazil, rose 0.97 percent in the month through mid-December.
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