How to Export to Brazil - Sprint Lazio

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II.3. Prices Brazil – Ministry of External Relations The inflation targeting regime and the efforts to control inflation have been extremely effective, especially when one considers the shocks that Brazilian economy has suffered over the last few years, such as the strong currency devaluation of 2002 and the increase in the price of raw materials in 2003-2004. It should also be observed that the inflation rates measured by the IPCA (Extended Consumer Price Index) dropped from 12.5% in 2002 to 3% in 2006, which is more than one percentage point below the target set for this year, 4.5% (Graph II.4). Following the same trend of the IPCA, other economic indexes of aggregated prices also pointed to a reduction in inflation, recording relatively low values in the first three quarters of 2006, when compared to the previous years (Table II.2). It is expected that inflation, in 2007, will have a slight increase, averaging 4% in all major indexes. The inflation target set for 2007 is also 4.5%, and should be reached quite comfortably. Graph II.4 Annual Evolution of Inflation measured by IPCA – 1997-2006 In % How to export to Brazil 23
Brazil – Ministry of External Relations Table II.2 Recent Evolution of Brazilian Main Price Indexes In % over the period before Period IPC (FIPE) IPCA IGP-DI INCC IPA-DI IPC (FGV) 2004 6.56 7.60 12.13 11.04 14.68 6.27 2005 4.53 5.69 1.23 6.83 -0.96 4.93 jan-sep/2006 0.68 2.00 2.11 4.20 2.24 1.04 Sources.: IBGE e IPEADATA. Obs.: IPC = Consumer Price Index. IPCA = Broad Consumer Price Index. IGP-DI = General Price Index - Domestic Availability. INCC = National Civil Construction Index. IPA-DI = Aggregated Price Index - Domestic Availability. II.4. Monetary policy Since mid-2005, Brazil’s Central Bank has been putting into practice a policy of gradual reduction in the basic interest rate of the Brazilian economy (known as Selic rate), in response to the steady trend in the reduction of IPCA variation. In all of the recent meetings held by the Monetary Policy Committee (Copom), occurring almost on a monthly basis, there have been regular cuts in the basic rate of 0.5 percentage point at each meeting (Graph II.5), while the inflation measured by the IPCA (the official index) closed 2006 at a rate below the target set by the Ministry of Finance. In September 2006, the Selic rate was 14.25% per year. These figures show that the inflation targeting regime adopted by the country since 1999 has been a success. In recent years, the behavior of economic agents has adjusted well to the decisions of Copom and a greater convergence has been observed between the process of generating market expectations and the decisions related to monetary policy. Currently, it is expected that new reductions in the basic interest rate will occur throughout 2007. 24 How to export to Brazil
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Page 4 and 5: TABLE OF CONTENTS Brazil - Ministry
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Page 8 and 9: INTRODUCTION Brazil - Ministry of E
Page 10: Brazil General information Brazil -
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IV.4.4. Opening a sales office in B
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IV.5.5. International insurance for
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V. GENERAL ADVICE TO EXPORTERS Braz
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Annexes Brazil - Ministry of Extern
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