Brazil | Inflation at 10%? Almost there

Summary

Inflation reached 9.93% YoY / 0.82% MoM in October, higher than in September and well-above our forecast. The adjustment in administered-prices (mainly fuel prices in October) and pressure from food prices continue being the main drivers of inflation. We revise our forecasts upward and now expect inflation to break the 10% level in November and close the year at 9.9%.

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