Brazil Inflation Ticks Up
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The official rate surpassed 4.5% for the sixth time in a row, thus breaching the new method adopted by the National Monetary Council early this year to gauge the adequacy of price changes.
Brazil's monthly inflation slowed for the fourth time in a row in June, but the annual rate ticked up and remained well above the official goal, data showed on Thursday, prompting the central bank to release a letter to justify missing the target.
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Brazil's central bank on Thursday said it was confident in its strategy to hold interest rates steady even as its updated projections showed it would not meet its 3% inflation target through 2027.
Brazil’s 12-month IPCA headline inflation measure has declined, most recently to 3.94% in May. Photo: miguel schincariol/Agence France-Presse/Getty Images
Brazil's central bank expressed confidence in its capacity for keeping inflation close to the official target until the end of 2027.