Latam Daily | Brazil’s Inflation surprises to the upside and activity to the downside

Summary

The IPCA-15 rose 0.99% MoM in May due to an increase in food and administered prices. Meanwhile, activity declined in April more than expected and we now forecast a drop in GDP of around 1% in 2Q15. In Mexico, the breakdown of 1Q15 GDP by components showed that exports of goods and services contributed the most to the growth, followed by private and public consumption.

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