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🌏 Brazil's wholesale prices are running hot again, and India's banks have a funding problem
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🌏 Brazil's wholesale prices are running hot again, and India's banks have a funding problem

Macro Soup Newsroom Macro Soup Newsroom 3 min read

Brazil's IGP-DI wholesale price gauge doubled to 2.41% MoM in April, threatening IPCA pass-through above the BCB's 3% target. India's bank loan growth hit 16% YoY against deposit growth of 12.3%, widening the credit-deposit spread to ~380bps.

Line chart of IGP-DI 12-month accumulated price variation from April 2021 to April 2026, ending at 0.8%.
Brazil's IGP-DI inflation index rose to 2.41% month-over-month in April, with the 12-month rate at 0.8%. Source

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