Economists expect Brazil 2017 inflation to be below official target

Economists expect Brazil’s inflation rate to end 2017 below the government’s target range for the first time ever, according to a central bank survey on Monday.

Consumer prices, as measured by the benchmark IPCA index, are likely to rise 2.97 percent in 2017, according to the median of around a hundred forecasts, down from 3.08 percent a week ago.

If confirmed, that rate would be at the bottom end of the central bank’s official target range of 4.5 percent plus or minus 1.5 percentage points. The bank has missed its inflation target three times in the last two decades, but has never undershot it.

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