The market reduces the IPCA’s projections for 2025 to 4.32% and for 2026 to 4.05%, underlines Focus | Brazil

For 2026, median expectations for the General National Consumer Price Index (PCAI) also fell: from 4.06% to 4.05%; for 2027 it remained at 3.80% for the eighth consecutive week, and for 2028 it remained at 3.50%, also for the eighth consecutive week.

For the basic interest rate (Selic)the median estimate remained at 12.25% at the end of 2026; remained at 10.50% in 2027 for the 46th week, and for 2028 remained at 9.75%.

The median of the projections for growth of the Brazilian economy in 2025, it was maintained at 2.26%.

For 2026, median expectations for expansion of gross domestic product (GDP) continued at 1.80%; for 2027 it increased from 1.81% to 1.80%, and for 2028 it remained at 2% for the 94th consecutive week.

The median of market economists’ projections for the dollar at the end of 2025, it increased from R$5.43 to R$5.44, according to the Focus report.

For 2026, median expectations for the US currency remained at R$5.50, the same estimated value for 2027. In 2028, median estimates increased from R$5.51 to R$5.52.