Home News Brazil Central Bank Very Worried About Inflation, Picchetti Says

Brazil Central Bank Very Worried About Inflation, Picchetti Says

October 24, 2024

by Maria Eloisa Capurro
Yahoo! Finance

(Bloomberg) — Brazil’s central bank is very concerned about inflation estimates that remain “way above” their goal and will do what is necessary to bring cost-of-living increases to target, International Affairs Director Paulo Picchetti said Wednesday.

Speaking at an event in Washington, Picchetti said that while inflation has been decelerating, it has stabilized above the bank’s 3% target as fiscal stimulus drives Brazil’s surprisingly strong economic activity.

“We’ve had partial success because inflation has clearly been decelerating, but it has not continued to decelerate toward the target,” Picchetti said, adding that policymakers are “carefully observing” economic and fiscal developments amid mounting worries about public spending.

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