The Central Bank of Brazil opened its 2026 Annual Conference with remarks by President Gabriel Galípolo, who said Brazil is going through a fourth supply shock in less than six years and that this has created a difficult environment for monetary policy. Speaking at the opening of the event, he said the central bank will not deviate from its objective of controlling inflation, even as repeated shocks have complicated the task of preserving purchasing power, currency stability and price stability. Galípolo said the current environment has exposed a gap between official inflation indicators and how households perceive price changes in day-to-day life. He added that the inflation now being experienced should be understood as traditional inflation, although with origins that are not necessarily linked to demand pressures, and cautioned against imprecise use of terms such as stagflation. The conference, held at the Central Bank headquarters in Brasília, runs through 15 May and covers macroeconomics, financial stability, financial intermediation and innovation, macroprudential regulation, the international economy and sustainability. Its programme also includes a special session on the countercyclical buffer and academic sessions discussing papers selected from more than 300 submissions.
Central Bank of Brazil 2026-05-13
Central Bank of Brazil opens 2026 annual conference and reiterates inflation control focus amid a fourth supply shock in less than six years
The Central Bank of Brazil opened its 2026 Annual Conference with President Gabriel Galípolo stressing that repeated supply shocks have created a challenging environment for monetary policy but that the bank will not deviate from its inflation control mandate. He highlighted a gap between official inflation indicators and households’ perceived price changes, characterising current inflation as traditional but not necessarily demand-driven and warning against imprecise use of terms such as stagflation. The conference in Brasília covers macroeconomics, financial stability, financial intermediation and innovation, macroprudential regulation, the international economy and sustainability.