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Brazil’s Central Bank president sees mismatch between commodities, currency, and inflation

RIO DE JANEIRO, BRAZIL - The Brazilian real (R$) has fallen 9.4% against the dollar in 2021 in nominal terms, the second-worst performance in the world, better only than the Turkish lira, which has lost about 11%.

Commodities measured by the CRB index have jumped 10.2% this year, while inflation measured by the IPCA-15 is 5.52% in the 12 months to March, well above the target of 3.75% this year.

Central Bank president Campos Neto pointed out that it is impossible to discuss any scenario without talking about pandemics and that two things keep him . . .

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