Itaú BBA - IPCA-15 climbs 0.30% in January, somewhat below expectations

Macro Brazil

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IPCA-15 climbs 0.30% in January, somewhat below expectations

enero 23, 2019

Our preliminary forecast for the headline IPCA in January is a 0.40% increase

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

• The mid-month consumer price index IPCA-15 rose 0.30% in January, printing somewhat below our estimate and the median of market expectations (both at 0.35%). Industrial prices were behind the biggest deviation from our call, with weaker results for apparel and personal care items. Food and beverages (0.22 p.p.), healthcare and personal care (0.08 p.p.), and personal expenses (0.05 p.p.) provided the largest upward contributions during the month. In the opposite direction, transportation gave a downward contribution (-0.09 p.p.), still reflecting falling fuel prices. Our preliminary forecast for the headline IPCA in January is a 0.40% increase, lifting the year-over-year rate to 3.86%. 

Elson Teles
Economist

 

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



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