Monthly inflation rate and central bank interest rate in Brazil 2018-2024

The inflation rate in Brazil fluctuated greatly between January 2018 and April 2024. Until May 2020, the inflation rate fluctuated between 1.88 percent and 4.94 percent. After May 2020, there was a gradual increase in the inflation rate, which peaked in April 2020 at 12.13 percent. In 2023, the inflation rate started a gradual decrease and dropped to 3.16 percent in June 2023. After that, however, inflation started to rise again, reaching 4.61 percent in August 2023. In 2024, the inflation rate decreased monthly, dropping to 3.69 percent in April.   At the same time, the Central Bank of Brazil increased its interest rate (also known as Selic rate) regularly between February 2021 and August 2023. The rate was set to 13.75 percent in August 2022 and remained unchanged until July 2023. After July, the rate was decreased regularly, standing at 10.75 percent in April 2024.