Copom eleva Selic para 11,75% ao ano e indica outra alta

For the next meeting, in May, the BC indicated that it will make a new adjustment of the same magnitude.

With yesterday's decision, interest rates reached the highest level in almost five years

03/17/2022

Even in the face of growing global inflationary pressures, the Monetary Policy Committee (Copom) of the Central Bank yesterday slowed down the pace of hikes in the basic interest rate, by raising the Selic by 1 percentage point, to 11.75% per year, in line with the flag. For the next meeting, in May, the BC indicated that it will make a new adjustment of the same magnitude.

At the meeting, the committee had to decide what to do in view of the high volatility in oil prices on international markets, which could make all the difference in whether or not the inflation targets were met.

The solution was to make more than one inflation projection, with alternative scenarios for the price of the product. In the basic scenario, which took into account the price of a barrel above US$ 110 that prevailed until last week, the Copom projects an inflation of 3.4% in 2023, the year that becomes the sole target of monetary policy. In this percentage, the projection is above the inflation target of 3.25%.

But the committee made another projection, the so-called alternative scenario, taking into account that a barrel of oil ends the year at US$ 100 and increases by 2% a year from January 2023. In this perspective, the committee's inflation projections increase to 6.3% for 2022 and, more importantly, to 3.1% for 2023.

Source: Valor Econômico

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