Inflation in Brazil slowed to 0.71% in March, despite gasoline hikes

The Broad National Consumer Price Index (IPCA) was 0.71% in March after rising 0.84% in February. The Brazilian Institute of Geography and Statistics (IBGE) released the data on Tuesday (11/4).

The data show that inflation has risen 2.09% in the year and 4.65% in the last 12 months, below the 5.60% observed in the 12 months immediately before.

Eight of the nine groups surveyed by the institute rose this month, especially transportation, which had the highest increase with 2.11%, compared to 0.37% in February. Gasoline was the main culprit, with an 8.33% hike. Ethanol rose by 3.20%.

Next came Health and personal care, up 0.82%, and Housing, up 0.57%. The contributions to the overall figures were 0.11 p.p. and 0.09 p.p., respectively.

The Health and Personal Care group was impacted mainly by the 1.20% hike in the health plan, which continues to incorporate the monthly installments of new and old programs referring to the 2022-2023 cycle.

For Housing, the largest contribution came from residential electricity, which registered an increase of 2.23%.

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