Inflation: Uptick Prevents Ending the Tightening Cycle

BRAZIL ECONOMICS - Report 24 Mar 2014 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Until recently the signals from the Central Bank were that since inflation was decelerating, the end of the monetary tightening cycle was nearing. But the period of decelerating inflation was short lived. The resistance of some free prices, especially of services, combined with the sharp rise of food prices, has now put inflation on an upward path toward the top of the target interval. The IPCA-15 for March increased 0.73%, bringing inflation over the past 12 months to 5.90%. The big culprit, as expected, was the accelerated growth of the prices of food eaten at home, which rose from 0.56% ...

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