Brazil: Chicken, filet mignon, and picanha prices rise more than inflation in 12 months

Published 2022년 5월 12일

Tridge summary

President Jair Bolsonaro acknowledged the significant increase in picanha and overall meat prices in Brazil, which have surpassed inflation rates over the past year. The Brazilian Institute of Economics (Ibre) reported a 15.4% rise in picanha prices and a 12.13% inflation rate over the same period. The institute blamed climate issues, the exchange rate, and foreign demand, especially from China, for the price hike. In response, the Ministry of Economy announced a zero tariff on imports of food products and civil construction items, including beef and chicken, to combat inflation. However, an economist at FGV suggested that this measure may only slightly decrease meat price inflation.

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Original content

President Jair Bolsonaro (PL) acknowledged, on Wednesday (11/5), that the recurring increases in the average price of a kilo of picanha have weighed on the Brazilian's account, but defended that the rise happens all over the world. A survey carried out by the Brazilian Institute of Economics (Ibre), linked to the Getulio Vargas Foundation (FGV), at the request of Metrópoles, points out that the value of beef cuts has grown above inflation in the last 12 months. According to the institution, the kilo of picanha rose 15.4% from May 2021 to April this year. In the same period, inflation rose 12.13%, according to the Broad Consumer Price Index (IPCA). The numbers consider the Consumer Price 10 (IPC-10) and Internal Availability (IPC-DI) indices. The increase in meat prices also made the amount paid by Brazilians to promote the famous barbecue become saltier. According to the balance sheet of FGV, the “barbecue kit”, which considers the cuts normally used in the meal, is 11% more ...

Source: Metropoles