Two committee members said no to hikes even as 12 month IPCA-15 inflation is over 6.4%.
Their second scenario projects IPCA running as high as 6.5 percent in 2013.
Nomura forecasts the June IPCA-15 core inflation index to come in at 0.18% above last month, bringing inflation to 6.56% year-over-year.
Their first scenario projects IPCA inflation hitting 6 percent early in 2013.
The IPCA-15 inflation index for February came in at 0.68% month over month last week, more than the 0.62% expected by the market.
FORBES: Brazil Gets More Expensive As Inflation Picture Worsens
Core IPCA inflation is expected to end the year at 6% compared to economists expectations of 5.88% last week and 5.8% last month.
The 12 month rolling IPCA-15 inflation figure is around 6.5%, well above the central tolerance band of the Central Bank, which is around 5.5%.
So this weakness could delay a rate hike, even as 12 month rolling IPCA inflation is around 6.4%, not where the Central Bank wants it.
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The September IPCA-15 inflation index, covering the period between mid-August and mid-September, rose 0.48 percent month over month, just above consensus estimates of 0.46 percent.
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The IPCA-15 measures inflation data from 15th day of the previous month, to the 15th day of the month of reference, in this case June.
The Brazilian gauge of consumer prices, the IPCA, has already gained 5.9% this year, yet, Mantega told the crowd that it is completely under control.
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Twelve month rolling IPCA inflation in Brazil is around 6.45%.
Rolling six-month core IPCA inflation is now around 6%.
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In the 6 percent inflation case, although tradable goods prices, like soybeans and corn, are projected to rise to the 4.5 percent inflation target set by the Central Bank, non-tradable prices like services will go as high as 9 percent and pull the IPCA higher as a result.
While this number still shows all the worrying dynamics seen in the January IPCA monthly data, the improvement at the margin plus the fact that seasonal items (like education) will not impact the next releases mean that the Central Bank of Brazil (BCB) can still hope to reach the April rate-setting meeting and not raise interest rates.
FORBES: Brazil Gets More Expensive As Inflation Picture Worsens
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