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Core Inflation in Brazil: past and present

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  • Vicente da Gama Machado

Abstract

Since the adoption of inflation targeting in Brazil, the literature on core inflation has significantly expanded; however, a comprehensive survey has been lacking. This paper aims at filling this gap by providing a thorough overview of the academic developments and a historical guide to the core inflation measures employed by the Central Bank of Brazil (BCB). Additionally, the paper introduces a unified approach to evaluate the performance of core measures, which is then used to assess the set of official measures currently monitored by the BCB. This approach emphasizes the complementary nature of individual measures and demonstrates the overall favorable relative performance of the core average.

Suggested Citation

  • Vicente da Gama Machado, 2024. "Core Inflation in Brazil: past and present," Working Papers Series 602, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:602
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    File URL: https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/WP602v2.pdf
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