The market also increased its 2022 forecast for the country’s benchmark interest rate. In today’s estimate, Selic was forecast at 12.25 percent a year, against last week’s 11.75 percent.
The estimate made by financial institutions for the National Broad Consumer Price Index (IPCA)—Brazil’s official inflation—went up from 8.69 to 8.96 percent. This is the 29th consecutive time the projection is revised upwards.
This year's inflation forescast from the financial institutions continues to rise. In the sixth consecutive adjustment, the projection for the Broad National Consumer Price Index (IPCA), which measures the official inflation rate, increased from 7.26% to 7.56%.
Financial institutions heard by the Central Bank expect higher inflation scenarios for this year and in 2017. Their outlook for the Broad National Consumer Price Index (IPCA) this year has been revised for the fourth consecutive time, going from 7% to 7.23%.