Brazil | Times of two-digit inflation are over

After declining for the first time in a long period in February, inflation eased again and reached 9.39% in March. The ongoing downward trend, which is mainly due to the moderation in administered prices and the contraction in domestic demand, will likely continue moving forward. We expect inflation to converge to 6.8% at the end of 2016 and to 4.5% at the end of 2017.

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