October 5, 2024 12:26 3 minutes read
Food inflation will occur in Brazil in 2024
Brazil’s food prices were the main source of disinflation in 2023, but are pushing up inflation in 2024. This trend strengthened in September, and several analysts are predicting further price increases in October.
Agricultural products prices, tracked by the IGP-M wholesale index, rose from 0.52% in August to 2.36% in September. Over the past 12 months, the index has increased by 9.58%.
👉 Why it matters. Food costs account for more than a quarter of Brazil’s low-income households’ budgets and almost a fifth of IPCA, Brazil’s benchmark consumer price index, which influences the country’s benchmark interest rate.
Rising transportation and energy costs, as well as rising food prices, are threatening food security in São Paulo, Brazil’s wealthiest city, as recently revealed by Brazilian Report.
Limited supply. Drought is affecting many areas…
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