Brazil's Annual Inflation Tops All Forecasts, Backing High Rates [BNN Bloomberg (Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: BNN Bloomberg
Official data released Thursday showed consumer prices increased 4.45% from a year earlier, above the 4.37% median estimate from analysts in a Bloomberg survey. Monthly inflation stood at 0.3%. Policymakers are expected to maintain borrowing costs in double-digits for the foreseeable future as inflation forecasts run above the 3% target. High interest rates have so far failed to significantly dampen growth, and the job market remains tight. Complicating matters further, investors are fretting about President Luiz Inacio Lula da Silva's spending ambitions. The prospects of a return to monetary easing, which the central bank paused in June, have been further diminished in recent weeks — with the more pessimistic market-watchers betting on the potential need for rate hikes. In July, Brazil's state-controlled oil company, Petroleo Brasileiro SA, jacked up gasoline prices for the fist time in nearly a year. Meanwhile, the value of the South American nation's currency, the real, has
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