Itaú BBA - IPCA-15 climbs 0.34% in February, close to the median of market expectations

Macro Brazil

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IPCA-15 climbs 0.34% in February, close to the median of market expectations

February 21, 2019

Our preliminary forecast for the headline IPCA in February is a 0.38% increase

For the version with all charts and tables, please open the attached pdf file
 

• The mid-month consumer price index IPCA-15 rose 0.34% in February, printing somewhat below the median of market expectations (0.36%) and above our estimate (0.30%). Education (0.17 p.p.) and food and beverages (0.16 p.p.) provided the biggest upward contributions during the month. The annual adjustment in monthly tuition fees stood out in the education group. In the opposite direction, transportation (-0.09 p.p.) and apparel (-0.05 p.p.) provided negative contributions. The decline in the transportation group was driven by falling prices for fuels and airfares. Our preliminary forecast for the headline IPCA in February is a 0.38% increase, lifting the year-over-year rate to 3.84% (from 3.78% in the previous month). 
 

Elson Teles
Economist

 

For the version with all charts and tables, please open the attached pdf file



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