The bill, sent to Congress revised the GDP growth. Other parameters, such as inflation and the Selic Rate (the economy's basic interest rate) have also been revised.
Seven of the nine groups of products and services surveyed showed price rises from June to July. The top surge was gasoline (3.15%).
The committee said the move was driven by the adverse external environment and the indicators of economic activity and the domestic labor market, still more dynamic than expected.
Inflation in June, lower than May’s 0.46% but higher the rate observed in June last year, a deflation of 0.08%, was mainly influenced by food and beverages, up 0.44% in the month.
The bank decided to halt the cycle of interest rate cuts due to slower-than-expected disinflation and the financial market's dampened inflation expectations.
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