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Brazil
11.08.22 13:20
Economics

Brazil's analysts cut 2022 inflation forecast to 7.11%

Experts also modified the inflation forecast for 2023

Brazilian financial analysts reduced the inflation forecast for 2022 for the sixth week in a row, this time from 7.15 per cent to 7.11 per cent, the Central Bank of Brazil said.

According to the bank's weekly survey of the country's main financial institutions, analysts also modified the inflation forecast for 2023 from 5.33 per cent to 5.36 per cent.

The government's inflation target for 2022 is 3.5 per cent, and 3.25 percent for 2023, with a margin of tolerance of 1.5 percentage points in both cases.

As for Brazil's benchmark interest rate, analysts expect it to remain unchanged at the current rate of 13.75 percent until the end of the year, followed by a gradual decrease in 2023 to close at 11 per cent.

Brazil's national currency, which currently trades at 5.13 reals to the U.S. dollar, was projected to end both 2022 and 2023 at 5.20 reals to the U.S. dollar.

In addition, the economists estimate a trade balance of 68.03 billion U.S. dollars this year and 60 billion U.S. dollars in 2023.

Foreign direct investment in Brazil was forecast to reach 57.2 billion U.S. dollars in 2022 and 61 billion U.S. dollars next year, as reported by Xinhua News Agency, a partner of TV BRICS.

Photo: IStock

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