Brazil´s President expects lower inflation in 2023

President Jair Bolsonaro participated on Thursday (Jul. 14) in a National Congress session that enacted amendments to the Brazilian Constitution. They provide the creation of a state of emergency to extend social benefits until the end of the year. In his speech, Bolsonaro said he expects lower inflation and a drop in prices, starting next year.

Bolsonaro said he believes that the Brazilian population is mainly affected by the increase in fuel and food prices. And he referred to the Parliament as a partner of the Executive Branch, which has approved, for instance, the bill that limits the Tax on the Circulation of Goods and Services (ICMS) on fuels, passed in Congress in June.

“Together with the Parliament, we have taken steps to create an ICMS ceiling in the states for products considered essential. This will lead to much lower inflation next year, and I dare say that we may even have deflation. Brazil is returning to normal times before the pandemic,” the president said.

The ceremony took place on the last day of activities in the National Congress before its recess. Deputies and senators officially interrupt their activities in Brasília from July 18 to August 1.