MNI BRIEF: Brazil Inflation 4.46% In Nov, Back In Target Range

Brazil’s IPCA inflation stood at 4.46% in November, down from 4.68% in October, the Brazilian Institute of Geography and Statistics (IBGE) said Wednesday. Consensus was for 4.47%.

On a monthly basis, consumer prices rose 0.18%, compared with 0.09% in the previous month, driven by higher air ticket prices.

Inflation moved into the Central Bank of Brazil’s 3% central target range, which allows for a deviation of 1.5 percentage points in either direction. Prices had been above the BCB’s permitted band since October 2024. "This is the lowest monthly reading for a November since 2018, when it came in at -0.21%," IBGE said.

The BCB kept its Selic rate on hold at 15.00%, and this is the last data before its meeting today. (See MNI INTERVIEW: Brazil Potential GDP Explains Stronger Activity)