The Brazilian central bank announced in a report released on the 16th local time that it will lower the country's iconic inflation indicator, the National Consumer Price Index (IPCA), from 4.86% to 4.75% this year. The report of the Brazilian Central Bank also sets inflation targets of 3.88% and 3.5% for 2024 and 2025, respectively. The market generally believes that the increase in gasoline prices in Brazil in September this year is the main factor leading to increased inflationary pressure.