Brazil Inflation Climbs in March
The benchmark IPCA consumer price index advanced by 0.88% in March, compared with a 0.7% rise in the previous month, according to the Brazilian Institute of Geography and Statistics (IBGE). On a cumulative basis, inflation for the year reached 1.92%.
Transportation expenses climbed 1.64% over the month, while food and beverage prices increased by 1.56%. Together, these two categories represented about 76% of the overall monthly inflation figure, as reported by the Brazilian Institute of Geography and Statistics (IBGE).
Within the transport segment, fuel prices surged 4.47%, driven largely by a 4.59% jump in gasoline, which was the most significant contributor to monthly inflation. Diesel recorded a sharp rise of 13.90%, while ethanol edged up by 0.93%. Food prices also accelerated, with notable increases in tomatoes, onions, potatoes, long-life milk, and meat during the month.
Housing costs rose modestly by 0.22% in March, including a 0.13% increase in residential electricity tariffs, influenced by adjustments in Rio de Janeiro. Nationally, the green tariff flag remained active, indicating no additional surcharge for consumers. The inflation data comes as Brazil’s central bank continues to manage elevated inflation expectations and global uncertainty. In its March policy meeting, the bank lowered the benchmark Selic rate to 14.75%, while noting that inflation forecasts for 2026 and 2027 still exceed the 3% target, which includes a tolerance range of 1.5 percentage points.
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