A survey by the Central Bank of Brazil indicates that Brazilian economists expect the annual IPCA inflation rate to reach 4.00% in 2026, up from the previous estimate of 4.02%; the benchmark interest rate (Selic) is expected to be 12.25% at the end of 2026, unchanged from previous forecasts; GDP growth is projected to be 1.80% in 2026, also unchanged from previous forecasts; and the Brazilian real is expected to be at 5.50 against the US dollar by the end of 2026, unchanged from previous forecasts.