Itaú BBA - IPCA rises 0.11% MoM in August and 3.43% YoY

Macro Brazil

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IPCA rises 0.11% MoM in August and 3.43% YoY

septiembre 6, 2019

The IPCA rises 0.11% in August, as expected


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

• The consumer price index IPCA rose 0.11% in August, in line with our estimate (0.10%) and matching the median of market expectations. Deflation in food and transportation costs stood out in the report.

• Core inflation measures remain at comfortable levels. The core measure for underlying industrial prices and services (IPCA EX-3), for instance, went up slightly by 0.24%, in line with our estimate, and its year-over-year increase remained virtually stable at 2.7%. 

• Today's report reinforces our understanding that inflation remains on a benign path, with all core measures at comfortable levels, supported by the output gap and inflation itself – in the form of inertia or anchored expectations. For the time being, our full-year estimates for the IPCA remain at 3.6% for both 2019 and 2020.
 

Julia P. Araujo
 

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



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