Analysts consulted by the Central Bank made slight adjustments to their projections for the IPCA in the first Focus survey of the year, published on Monday, expecting inflation to be slightly lower in 2025 and higher in 2026.
The survey, which captures market perception of economic indicators, showed that expectations for an IPCA increase in 2025 fell for the eighth consecutive time, to 4.31%, from 4.32%.
The IBGE will release IPCA data for December and last year on Friday. The center of the official inflation target is 3.00%, again with a margin of tolerance of around 1.5 percentage points.
For 2026, the inflation forecast increased by 0.01 percentage points, to 4.06%, while for 2027 it remained at 3.80% for the ninth consecutive time.
For Gross Domestic Product (GDP), growth estimates of 2.26% and 1.80% respectively for 2025 and 2026 remained unchanged.
The weekly survey of around 100 economists also showed that the Selic base interest rate is expected to be maintained at the current level of 15% at the first meeting of the year on January 27-28. At the end of 2026, it is forecast to remain at 12.25%, unchanged from the previous week.
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