THE NEW YEAR

We are at the beginning of 2025, and the economy in Brazil already seems tired and old. Inflation insists on galloping, the Central Bank has already signaled that it will tighten interest rates, and the stock market, which closed the year at 120,000 points in December 2024, has been recovering timidly by 10,000 points after hitting a low of 118,000 points. The graphical peak was in August 2024 at 137,000 points and has fallen since then and only now has it shown slight upward strength.

The dollar, which rose like a rocket in December 2024, stopped at the peak at R$6.35 and has been falling to R$5.70. Will it come back? It does not seem to have broken the monthly LTA. Let's wait and see.

The IPCA published on the IPEA website (www.ipea.gov.br) revised last year's percentage from 4.0% to 4.4%. For the 2025 IPCA, the information is that it is at 3.9%. The IBGE (www.ibge.gov.br) said that of the nine groups of products and services surveyed, seven increased in January. The largest variation (1.38%) and the greatest impact (0.29 p.p.) came from the Food and beverages group, which accelerated in relation to the December result (1.11%). Next, the increase in Health and personal care (0.83% and 0.11 p.p.) stands out. In turn, the Transportation group registered a drop in the January index (-0.65% and -0.14 p.p.). The other groups remained between -0.08% for Communication and 0.82% for Personal expenses. Let's start 2025!

Bye.

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