RIO DE JANEIRO, BRAZIL - High inflation and loss of income are draining Brazilians' savings accumulated during the most critical phase of the coronavirus pandemic, when the payment of emergency aid to the poorest and the reduction of consumption led to a significant increase in savings rates.
Recent statistics show a sharp drop in savings flows and suggest a strong correlation of the trend with the decrease in workers' income in recent months, economists say.
Calculations by Cemec-Fipe Professor Carlos Antonio Rocca indicate a negative flow of R$13.8 (US$2.4) billion in families' savings in September, in . . .
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