The target is 3%, according to a decision by the National Monetary Council; the president of the Central Bank, Gabriel Galípolo, argued that the reasons are “very clear” for the 15% Selic rate
The vice-president and minister of Development, Industry, Commerce and Services, (PSB), told X this Wednesday (12.Nov.2025) that the inflation target is 4.5%. The CMN (National Monetary Council) established that the Central Bank’s inflation objective is 3%, with a tolerance of up to 4.5%.
Although the president of the monetary authority, Gabriel Galípolo, said that the Central Bank is committed to taking inflation to 3%, the vice president declared that the rate is very close “to the target of 4.5% with record employment, increased income and no reduction in social policies”.
In an interview with journalists this Wednesday (November 12, 2025), Galípolo said that it was the government, via the CMN (National Monetary Council) that defined the for the Central Bank to pursue 3% inflation. He argued that the monetary authority cannot and that the reasons for the basic rate, Selic, being at 15% per year are “very clear”. He quoted:
- failure to meet the inflation target in 2024;
- 12-month cumulative inflation outside the target range in all months of 2025;
- inflation estimates above 3% until the end of his term as president of the BC.
Watch (2min31s):
The (Brazilian Institute of Geography and Statistics) announced on Tuesday (11.Nov.2025) that , while the market had a median of 0.16%. The annualized rate –accumulated over 12 months–, below the most optimistic projection obtained by Poder360.
The Copom (Monetary Policy Committee) announced on Wednesday (November 5, 2025) the Selic, to 15% per year. He also stated that he will remain at this level for .
GOVERNMENT, GALIPOLO AND INFLATION
In July, the Central Bank announced that inflation. Haddad said he believes that the rate will be within the permitted level in December of this year.
The government (PT) has put more pressure on the Central Bank of Galípolo in relation to interest rates. The Minister of Finance, , stated that .
The Minister of Institutional Relations, declared that the decision taken on Wednesday (November 5, 2025) concerns productive investments. The vice-president and minister of Development, Industry, Commerce and Services, (PSB), said on Thursday (6.Nov.2025) that he expects there to be a reduction in the basic rate, the Selic, at the next meeting, in December.
