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Brazil May Keep Interest Rate Unchanged Next Month

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Aug. 23 (Bloomberg) -- Brazil’s policy makers will keep the overnight interest rate unchanged throughout December, before resuming increases in January, a central bank survey shows.

After three consecutive interest rate increases, the central bank will keep the Selic rate unchanged at 10.75 percent at its Sept. 1 meeting, lifting it to 11.25 percent only in January, according to the median estimate of about 100 analysts in an Aug. 20 central bank survey published today.

Economists expected the central bank to raise the Selic to 11 percent a week earlier.

Annual inflation, as measured by the benchmark IPCA-15 price index, slowed to 4.4 percent in the month through mid-August. It was the first time since January inflation didn’t exceed the government’s 4.5 percent target.

Economists expect inflation to quicken to 4.86 percent next year, compared with a week earlier forecast of 4.80 percent, the survey shows. Economic growth should reach 7.1 percent this year, compared with 7.09 percent forecast a week earlier.

Consumer prices will rise 4.97 percent in the next 12-months, down from a week-earlier forecast of 4.98 percent, according the survey.

To contact the reporter on this story: Andre Soliani in Brasilia at at asoliani@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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