Itaú BBA - IPCA-15 climbs 0.54% in March, driven by food prices

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IPCA-15 climbs 0.54% in March, driven by food prices

March 26, 2019

We expect a 0.59% increase in March's IPCA - food is likely to keep pressuring

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

 The mid-month consumer price index IPCA-15 rose 0.54% in March, printing between our estimate (0.58%) and market expectations (0.51%). The year-over-year increase accelerated to 4.18% from 3.73%. Food (0.32 p.p.) and transportation (0.11 p.p.) provided the largest contributions, with the former group driven by the 1.91% hike in prices for food consumed at home and the latter driven by auto fuels, urban bus fares and airfares.

 Our preliminary estimate for the headline IPCA in March is a 0.59% increase, lifting the year-over-year change to 4.41%. For the full year, we forecast a 3.6% advance in the IPCA.

 

Julia P Araujo
Economist



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