Brazil’s economy
More inflation, less growth
In fact, the headline figure underestimates inflationary pressures. If the federal government had not capped petrol prices, and municipalities frozen public-transport fares before October’s local elections, last year’s figure would have been closer to 6.5%. In 2013 both those prices are likely to rise. The end of a sales-tax holiday for cars will boost inflation, too. Most analysts now think that inflation will be around 6% this year. Week by week, they are revising down their forecasts for economic growth in 2013, now at about 3%.The government’s response to the bad news stoked fears that Brazil may be in for a long spell of high inflation and low growth.
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