Brazil Inflation July 2022


Brazil: Inflation drops to lowest level since December 2021 in July

August 9, 2022

Consumer prices fell a seasonally-adjusted 0.68% over the previous month in July, contrasting the 0.67% rise seen in June. The result marked the first decline since May 2020 and the sharpest one since at least February 1990. Looking at the details of the release, the reading was chiefly due to falling prices for transportation. In addition, price pressures for housing dropped after growing in the previous month.

Inflation came in at 10.1% in July, down from June’s 11.9%. July's reading represented the lowest inflation rate since December 2021. Despite the moderation, July’s rate remained well above the Central Bank’s 3.5% target and marked the 11th month with inflation in the double digits. Still, the trend pointed up, with annual average inflation edging up to 10.8% in July (June: 10.7%).

FocusEconomics Panelists participating in the LatinFocus Consensus Forecast see inflation ending 2022 at 7.7%, which is down 0.4 percentage points from last month’s forecast, and 2023 at 5.0%


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Brazil Inflation Chart

Brazil Inflation July 2022

Note: Annual and monthly variation of IPCA consumer price index in %.
Source: Brazilian Institute of Geography and Statistics (IBGE).

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