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.

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