Brazil Higher Inflation and Growth Expectations

Brazil's 2026 inflation expectations rose to 5.04%, exceeding the target ceiling, while GDP growth forecasts improved slightly to 1.89%. Fiscal deficits are projected to persist through 2029, highlighting skepticism regarding the government's fiscal targets.

Key Takeaways

• 1.2026 inflation expectations have risen to 5.04%, moving further above the 4.50% target upper-limit.
• 2.Selic rate expectations remain stable at 13.25% for end-2026, despite rising inflation forecasts.
• 3.Fiscal balance expectations remain in deficit through 2028, indicating low credibility for the government's fiscal framework.

Table of Contents

• Bottom Line
• DETAILS
• Disclosure Appendix
• Reg AC
• Disclosures
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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