Brazil Forecasts 7.9 Pct Inflation In 2022

Brazil's Economy Ministry raised its inflation forecast for the year from 6.55 to 7.9 percent and maintained its projection of economic growth at 1.5 percent, according to the Macro-Fiscal Report published Thursday

BRASILIA, (APP - UrduPoint / Pakistan Point News - 20th May, 2022 ) --:Brazil's Economy Ministry raised its inflation forecast for the year from 6.55 to 7.9 percent and maintained its projection of economic growth at 1.5 percent, according to the Macro-Fiscal Report published Thursday.

Presenting the numbers, Economy Minister Paulo Guedes said he expects "positive surprises throughout the year," since the government's accounts are under control and there is an economic recovery in the country.

Inflation reached 12.13 percent in the 12 months ending in April, but government officials expect price increases to slow down towards the end of the year.

If their expectations are borne out, inflation will still surpass the target ceiling set by the National Monetary Council, which is 3.5 percent with a 1.5 percent margin of tolerance.

For 2023, the government's inflation forecast was adjusted from 3.25 to 3.6 percent.