The first speeches and actions by Brazil’s president Lula after his inauguration earlier this week reinforce our view that his presidential term will be characterised by higher public spending and a shift away from the reforms needed to alleviate the country’s productivity problem. In Colombia, the further rise in inflation last month provides worrying signs that inflation is more entrenched there than elsewhere in the region. Its central bank is likely to be the last in Latin America to stop tightening monetary conditions.
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