The official inflation target center for 2024, 2025, and 2026 is 3%, with a tolerance margin of 1.5 percentage points up or down. Data released last week showed that inflation in Brazil slowed down in January to 0.42%, but it remained above expectations, raising concerns about the weight of food and services prices.

The weekly survey of a hundred economists also showed that there were no changes in the outlook for the basic interest rate, with the Selic rate again calculated at 9% in 2024 and 8.5% in 2025. Currently, it stands at 11.25%, and the market expects a further 0.5 percentage point cut at the Copom (Monetary Policy Committee) meeting in March, as indicated by the Central Bank.