Business Maverick: Brazil’s Inflation Hits Highest Since 2003 as Food Prices Soar

Prices rose 12.13% in April from a year ago, the highest level since October 2003 and above the 12.06% median estimate in a Bloomberg survey. Monthly inflation hit 1.06%, the national statistics agency reported on Wednesday.

The central bank is nearing the end to one of world’s most aggressive monetary tightening cycles since the pandemic, with hikes that have added 10.75 percentage points to the Selic in just over a year. Yet inflation remains stuck in the double-digits, grating on Brazilians and presenting a major challenge to President Jair Bolsonaro’s efforts to win a second term.“While the bulk of pressure again came from food and transportation costs, there are signs inflation remains widespread.

Monthly inflation was driven by rising costs of food and beverages, which rose 2.06%, as well as transportation that increased 1.91%. It was the biggest consumer price jump for the month of April since 1996, the statistics agency said.Last week, policy makers led by Roberto Campos Neto raised the key rate to 12.75% and signaled an additional, albeit smaller, increase was likely on tap before they stop hiking.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Food and fuel protests: Sri Lanka army ordered to shootSri Lanka extended its nationwide curfew through to Thursday morning, with the army threatening to shoot anyone who damages property after weekslong protests over food and fuel shortages turned violent earlier this week. In the next few months this is going to start happening in Country after Country. John Steenhuisen was right. We are going to see devastating consequences from Russia's war in Ukraine. But people will see only when it is too late. As always. • There’s no greater joy than having financial freedom and a life free of debts, that’s why I keep posting comments about Brian_Meadors0 who guided me trading online
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Bitcoin’s Unraveling Hits 50% From Peak With Drop Below $33,000Bitcoin slumped to a level last seen in July 2021, part of a wider retreat in cryptocurrencies triggered by a global flight from riskier investments. Please stop these south African bitcoin scammers on here..... Pretty funny tbh. Especially since you guys promo those bitcoin nerds all the time lol
Source: dailymaverick - 🏆 3. / 84 Read more »

Market Watcher: JSE takes a swingPSG's Schalk Louw comments on factors leading to the market's positivity, the impact of inflation on commodity prices, whether we should be buying banks, and Raubex's trading statement.
Source: Moneyweb - 🏆 5. / 77 Read more »