“Brazil’s inflation in mid-January rose more than forecast by all economists surveyed by Bloomberg, as price pressures remain strong even with the economy struggling to pick up speed.
Prices as measured by the IPCA-15 price index rose 0.88 percent in the month through mid-January, the national statistics agency said in a report published on its website. That was higher than every forecast from 38 economists surveyed by Bloomberg, whose top estimate was for an increase of 0.86 percent, and whose median forecast was for 0.82 percent. Mid- month inflation has exceeded the median estimate from economists for seven straight months.
Annual inflation accelerated for the fourth straight month to 6.02 percent from 5.78 percent in mid-December.
Brazil’s President Dilma Rousseff has labored to pull the world’s second-largest emerging market out of a slowdown that has lasted more than a year by cutting taxes to spur consumption and industry and pressuring commercial banks to lower rates. The central bank since August 2011 has cut the benchmark rate by 525 basis points, the most of any Group of 20 nation.
The central bank estimates that gross domestic product in 2012 expanded 1 percent, down from 2.7 percent the year before. Finance Minister Guido Mantega on Dec. 27 said the economy will grow 3 percent to 4 percent this year….”
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