The rise in Brazilian inflation to 2.8% y/y in November, from 2.7% y/y in October, was in line with our forecast but a bit smaller than the consensus had expected (2.9% y/y). Either way, none of this will have much bearing on decisions by Copom over the coming months – it will take its lead from the progress on pension reforms, and on that front the government still seems to be facing an uphill struggle.
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