Brazil's inflation ended 2022 with a sharp slowdown from double-digit peaks seen throughout the year on the back of fiscal measures and an aggressive monetary policy tightening, but once again missed the government's official target.
The benchmark IPCA consumer price index rose 5.79% last year, statistics agency IBGE said on Tuesday, higher than the 5.60% median forecast in a Reuters poll of economists.
"Inflation should continue to decline over the next three to six months, though at a more modest pace than in the second half, assisted by the recent fall in oil prices," he wrote in a note to clients. William Jackson, chief emerging markets economist at Capital Economics, said the higher-than-expected 2022 inflation coincided with growing fiscal concerns after leftist President Luiz Inacio Lula da Silva secured the approval of the Congress to boost welfare spending.According to IBGE, inflation last year was mainly impacted by the increased costs of food and beverages and health and personal care items .
But the government of former President Jair Bolsonaro took measures to ease prices before an October presidential election, including a costly tax waiver on fuels that was recently extended by Lula.
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