Annual rate The 12-month IPCA hit 4.44%, down from 4.64% in June and back inside the 1.5%–4.5% target band. The monthly print came in slightly above consensus near 0.03%, with services inflation still sticky. Brazil’s July IPCA inflation finally slipped back inside the central bank’s target range, but sticky services prices mean the Selic won’t be falling fast. Brazil’s July IPCA inflation is back in the band, but the road ahead is still bumpy. But it is still closer to the upper limit than the center, and services inflation remains sticky.