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In the course of the pandemic, Brazilian wages have sunk: the typical earnings per employee stands at BRL 2,447 (USD 514) per thirty days – that’s, 8.69 p.c beneath pre-pandemic ranges. In the meantime, Brazil has confronted a stubbornly excessive inflation fee which has been in double-digits for six months already. And to make issues worse, the Central Financial institution has performed the world’s strictest financial tightening course of over the previous 12 months.
“Client inflation stays excessive, with will increase unfold amongst a number of parts, and continues to be extra persistent than anticipated,” mentioned the financial institution final week.
One of many villains of Brazilian inflation has been…
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