Brasília – Financial institutions polled by the Brazilian Central Bank have revised their estimate for the Extended National Consumer Price Index (IPCA), the official measure of inflation, from 7.23% to 7.04% this year. It came as the fourth straight downward week-on-week revision in the Focus bulletin issued every Monday. The projection for 2017 moved from 5.07% to 5.06%.
The forecast for the benchmark interest rate, known as Selic, remained at 13.75% for the end of this year and 11% for the end of 2017. Brazil’s Gross Domestic Product (GDP) shrinkage forecast changed from 3.14% to 3.15% in 2016 and was unchanged at 1.30% for 2017.
*Translated by Gabriel Pomerancblum
