What can be Expected on the Inflation Front in 2015?

BRAZIL ECONOMICS - Report 12 Jan 2015 by Affonso Pastore, Cristina Pinotti and Marcelo Gazzano

In its most recent pronouncement, the Central Bank promised it would do “what is necessary to reduce inflation”. This is not the first time this promise has been made, and the fear that it will again not be kept justifies caution in making any projections. Although the presence of Joaquim Levy at the Finance Ministry assures solid fiscal policy, facilitating the Bank’s task, much more than fiscal control will be necessary to bring inflation to the central target of 4.5%. In the final analysis, controlling inflation is the job of the Central Bank, not the Finance Ministry.

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