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Brazil IPCA-15 (February 2024)

The breakdown of Brazil’s February mid-month inflation reading of 4.5% y/y showed that core services inflation remained elevated. And while further 50bp cuts in the Selic rate next month (to 10.75%) and in May look almost certain, we suspect that strong underlying price pressures will prevent Copom from lowering interest rates as far as most expect this year.

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