Transcript
Inflation Targeting in Brazil
Year 1999 2000 2001 2002 20031/ 20041/ 2005 2006 2007 2008 2009 2010
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1/
Target (%)
Tolerance Intervals (p.p.)
Upper and Lower Limits (%)
Actual Inflation (IPCA, % p.a.)
6/28/2000 6/28/2001 6/27/2002
8 6 4 3.5 3.25 4
2 2 2 2 2 2.5
6-10 4-8 2-6 1.5-5.5 1.25-5.25 1.5-6.5
8.94 5.97 7.67 12.53
Resolution 2,972
6/27/2002
3.75
2.5
1.25-6.25
Resolution 3,108 Resolution 3,108 Resolution 3,210 Resolution 3,291 Resolution 3,378 Resolution 3,463 Resolution 3,584 Resolution 3,748 Resolution 3,880 Resolution 3,991 Resolution 4,095 Resolution 4,237 Resolution 4,345 Resolution 4,419 Resolution 4,499 Resolution 4,582 Resolution 4,582
6/25/2003 6/25/2003 6/30/2004 6/23/2005 6/29/2006 6/26/2007 7/1/2008 6/30/2009 6/22/2010 6/30/2011 6/28/2012 6/28/2013 6/25/2014 6/25/2015 6/30/2016 6/29/2017 6/29/2017
5.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.25 4
2.5 2.5 2 2 2 2 2 2 2 2 2 2 2 1.5 1.5 1.5 1.5
3-8 2-7 2.5-6.5 2.5-6.5 2.5-6.5 2.5-6.5 2.5-6.5 2.5-6.5 2.5-6.5 2.5-6.5 2.5-6.5 2.5-6.5 2.5-6.5 3.0-6.0 3.0-6.0 2.75-5.75 2.5-5.5
Regulation
Date
Resolution 2,615
6/30/1999
Resolution 2,744 Resolution 2,842 Resolution 2,972
The Open Letter, of 1/21/2003, adjusted the targets to 8.5% for 2003 and 5.5% for 2004.
9.30 7.60 5.69 3.14 4.46 5.90 4.31 5.91 6.50 5.84 5.91 6.41 10.67 6.29
