Brazil: Higher Than Expected May IPCA-15 Headline Core Services Inflation

Brazil's May IPCA-15 inflation came in at 0.62% mom, above consensus, driven by sticky services and core inflation pressures. The data suggests a more challenging path for monetary policy normalization ahead of the 2026 election.

Key Takeaways

• 1.The May IPCA-15 inflation rate was 0.62% mom, exceeding the consensus forecast of 0.57%.
• 2.Core services and labor-intensive services inflation momentum remains high, tracking at 6.1% and 7.2% respectively.
• 3.Persistent services inflation and deteriorating expectations suggest a conservative approach to monetary policy normalization is necessary.

Table of Contents

• Bottom line
• KEY NUMBERS (May)
• DETAILS
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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