FUEL PRICES
Lula’s new attempt to control fuel inflation
Finance Minister Dario Durigan (second from left) and Mines and Energy Minister Alexandre Silveira (second from right) announcing an emergency subsidy package to try to keep fuel prices down amid the war-related oil shock. Photo: Washington Costa/MF
President Luiz Inácio Lula da Silva's government announced a new package of fuel subsidies and tax breaks on Monday, as rising global oil prices threaten to push up inflation and erode purchasing power — with elections just six months away.
The war in Iran has entered its sixth week and Brazilian markets are continuing to worsen their inflation projections. The median year-end inflation rate forecast stands at 4.36%, well above the 3.91% from one month ago and reversing a downward trend from the beginning of the year…
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