The Brazilian central bank (Bacen) announced that the country’s inflation in 2022 will exceed the target of 3.5 percent, plus or minus 1.5 percent, previously established by the monetary council CMN.
Earlier in March, Bacen had informed that the chances for exceeding the inflation target were of 88 percent, but now there is no chance for having an inflation rate lower than the upper side of the range.
According to Bacen, “the second quarter of 2022 was marked by inflationary surprises, chiefly from prices of food and fuels”.
Bacen added that this year’s inflation is now expected to reach 8.8 percent, while for 2023 the target range is 3.25 percent, plus or minus 1.5 percent.