Brazil Central Bank Head Campos Neto Says Was Surprised by Inflation Data

Brazil central bank President Roberto Campos Neto said he was surprised by recent inflation data and that policy makers are analyzing the figures, prompting investors to raise bets of more interest rate hikes.

Consumer prices were driven higher by more expensive gasoline, as well as surprises in the costs of goods such as food and clothing, Campos Neto said at an event on Monday. Brazil’s overall inflation, as well as core readings that strip out volatile items like food and fuels, are both running high, he said.