2025/07/10

Brazil CPI Reaction: June inflation data overshadowed by tariffs

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Brazil’s headline inflation was 5.35% YoY in June, up slightly from the 5.32% printed in May but still down from the 5.53% peak in April (see chartpack for more inflation details). Overall, the realized inflation series do appear to be plateauing while inflation expectations, which remain key for the BCB, have peaked.

For more, including market takeaways, please see full note. 

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