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Brazil IPCA-15 (August 2022)

The further fall in Brazil’s headline inflation rate to 9.6% y/y in the first two weeks of August was mainly due to tax cuts on energy and masks the fact that underlying price pressures remain strong. Strong core price pressures alongside growing fiscal risks keep a final 25bp interest rate hike, to 14.00%, at Copom’s next meeting in September on the table.

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