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Worst of inflation in Brazil is behind us, central banker says

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Central Bank President Roberto Campos Neto said on Monday that "the worst of inflation in Brazil is behind us" and that "much of the work has been done," in reference to monetary tightening that brought the Selic, Brazil’s benchmark interest rate, to 13.25% per year from 2% per year in March 2021."We still have in Brazil a component of acceleration [of inflation]. The last two readings were, for the first time, within expectations. We think that the worst of inflation in Brazil is behind us. We have some measures being designed by the government, and we need to understand what the effect of this will be on inflation. It is not clear yet," he said, during the X Fórum Jurídico de Lisboa, in Portugal."But it is important to say that Brazil moved early [than other central banks]. We believe that our tool is capable of taming inflation, and it will. We think that most of the work has already been done," he added.During the event, Mr. Campos Neto also said that Brazilian inflation has always been above that of developed countries and that it is currently within the historical average of the past 20 years."Brazil has almost always worked with an inflation average above the developed world [in the past 20 years]. Unlike 2013, 2014 and 2015, when Brazil’s inflation run well above the world average, this inflation of ours is even relatively below the historical median," he said."This inflation has a strong global component and shows that Brazil is around the average of the past 20 years," he said. "We obviously have to fight inflation, we are not going to look at what is happening abroad and use it as an excuse, but it is important to know the components," he added.Mr. Campos Neto also commented on a global study that shows that companies have increased salaries and employee benefits. "Knowing whether I will adjust...

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