Itaú BBA - IPCA rose 0.45% in October, below the median of market expectations

Macro Brazil

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IPCA rose 0.45% in October, below the median of market expectations

November 7, 2018

Our preliminary estimate for the IPCA in November is a 0.05% move


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

The consumer price index IPCA climbed 0.45% in October, below our forecast (0.55%) and the median of market estimates (0.56%). Year-to-date, the IPCA went up 3.81% and the year-over-year change accelerated to 4.56% from 4.53% in September. The biggest upward contributions during the month came from transportation (0.17 p.p.) and food and beverages (0.15 p.p.). Items in the latter group and healthcare were behind the biggest deviations from our expectation. Our preliminary estimate for the IPCA in November is a 0.05% move, with the year-over-year rate receding to 4.3%. The monthly result will be driven by downward contributions from gasoline and electricity tariffs.  

Elson Teles
Economist

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



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