Official inflation in the country was 2.09% in the first quarter of 2023.
Still, Brazilian families felt a smaller effective increase in the cost of living in the period, of 1.83%, according to the Household Expenditure Price Index (IPGF).
The new inflation index developed by the Brazilian Institute of Economics of the Getúlio Vargas Foundation (Ibre/FGV) considers the effective spending of Brazilian consumers, who managed to circumvent part of the price increases in the economy by substitutions in the consumption basket.
"When consumers substitute rice for pasta or red meat for white meat or stop consuming . . .
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