Brazil | Inflation eased less than expected in April

Summary

Inflation reached 9.28% in April, less than in March (9.39%) but more than expected (BBVA: 9.18%; consensus: 9.18%). The upward surprise reinforces our view that the Selic will not be cut soon. Anyway, inflation should continue to trend down during the remainder of the year, thanks to the weakening of domestic demand and smaller adjustments in regulated prices.

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