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Credit Suisse now forecasts Brazil benchmark SELIC rate at 11.5% in 2022

RIO DE JANEIRO, BRAZIL - In a report released Tuesday, the private lender also increased its estimates for the rise in the IPCA (Extended National Consumer Price Index) this year and next, to 9.8% and 5.8%, respectively. Earlier projections, from only four days ago, were for 9.1% and 5.5%.

According to Credit Suisse, revisions come after Petrobras' recently announced increase in fuel prices and a much higher than expected jump in the IPCA-15 in October.

The index, considered a preview of the official Brazilian consumer inflation, had its highest hike for the month in 26 years . . .

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