SAO PAULO, April 9 (Reuters) - Supply and demand conditions in Brazil are more balanced at the moment, central bank President Alexandre Tombini said on Wednesday, adding that a recent spike in food prices is of a temporary nature.
Speaking to TV Globo’s program Jornal Nacional from Washington, D.C., Tombini said that the central bank’s job in helping contain inflationary pressures has been “important.” Twelve-month trailing inflation has declined about 1 percentage point between June last year and January, Tombini noted.
Consumer prices, as measured by the benchmark IPCA consumer price index, rose in March at the fastest pace in 11 years for that month, the government said earlier in the day. Inflation accelerated 0.92 percent in March from February, exceeding all 37 forecasts in a Reuters poll.
In the 12 months through March, consumer prices rose 6.15 percent, inching closer to the central bank’s target ceiling of 6.5 percent. (Reporting by Guillermo Parra-Bernal and Raquel Stenzel; Editing by Eric Walsh)