RIO DE JANEIRO, BRAZIL - When there is inflation, "prices go up by elevators and salaries go up by stepladders." The phrase is attributed to former Argentine President Juan Domingo Perón in the 1970s, but it may accurately describe the scenario in Brazil in 2021.
Factors such as the US$1.32 price of a liter of gasoline and rising food prices already speak volumes. Before the pandemic, a liter of gasoline could be had for less than a dollar.
The big problem, economists explain, is that the rise in the price of essential goods is accompanied by an income . . .