March inflation –We revise up our year-end forecast to 4.7% y/y from 3.7%

  • Headline inflation rose 0.83% m/m as expected, with the core at 0.54%. There were pressures in energy and meat and egg

  • As a result, inflation rose to 4.67% from 3.76% in February, in part because of an adverse base effect

  • In this context, we adjust our year-end forecast to 4.7% y/y from 3.7%, with several factors pushing the figure higher

April 8th, 2021
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