Brazil's official inflation, measured by the IPCA (National Consumer Price Index), closed at 4.62% for the accumulated period of 2023, as reported by the IBGE (Brazilian Institute of Geography and Statistics) on Thursday (11). It is the lowest increase in three years, since 2020 (4.52%).
With this result, the IPCA concluded 2023 below the ceiling of 4.75% set for the inflation target pursued by the Central Bank. The index had exceeded the upper limit of the target in the two previous years, in 2022 (5.79%) and 2021 (10.06%).
Despite losing strength, the 2023 inflation remained above the median projections of the financial market. Analysts surveyed by Bloomberg expected a variation of 4.55% for the accumulated year, which marked the beginning of the government of Luiz Inácio Lula da Silva (PT).
In the monthly breakdown, the IPCA accelerated from 0.28% in November to 0.56% in December, according to IBGE.