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  • Food, fuel and services inflation in Brazil continue to rise, complicating the COPOM’s easing.
  • Extractive industries and autos are supporting activity, while manufacturing and capex remain weak.
  • Higher oil prices and still-elevated real rates are exposing the fragile composition of growth.

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Keywords for: 13 May 2026 LatAm Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence