The rise in Brazil’s headline inflation rate to 4.5% y/y in July was mainly driven by a pick-up in underlying core services inflation which will do little to quell the hawkishness of Copom. But, with the real having recovered some lost ground in recent days, we still think an interest rate hike is unlikely.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.