Brazil’s Vice President, Geraldo Alckmin, participated in the launch of the Biodiesel Alliance, formed by the Brazilian Association of Biofuel Producers (Aprobio) and the Brazilian Association of Vegetable Oil Industries (Abiove). The ceremony was held in Brasília on Wednesday (Apr. 8).

The partner organizations bring together 16 biodiesel manufacturers operating 33 active plants. According to the member companies, this represents 63.7 percent of Brazil’s biodiesel production capacity.

Notícias relacionadas:

• Auction to offer 23 pre-salt exploration blocks in Brazil.
• Central Bank: Brazil better prepared for oil price volatility.
• Brazil’s oil, natural gas production hits record high in February.

For Alckmin, biodiesel is strategic, especially at a time when international conflicts affect the fuel market.

“Instead of importing diesel, which is highly susceptible to global geopolitics, we produce our own fuel here for our country,” he emphasized.

According to the vice president, Brazil is the only country in the world that blends 30 percent anhydrous ethanol into gasoline, in addition to having 85 percent of its vehicle fleet made up of flex-fuel vehicles - that is, vehicles that can run on either ethanol or gasoline.

In Alckmin’s view, the use of biodiesel improves air quality and reduces pollution, as well as cases of respiratory illness. “There is no agenda more positive than this one. It speaks to every sector.”

The vice president also pointed out that biodiesel production has social benefits because it involves small farmers and creates jobs throughout the industrial and service supply chain.

“If we are world champions in agriculture, if we have the most competitive and efficient tropical agriculture in the world, let’s add value: produce biofuels, help the environment and public health, generate jobs and income, avoid importing products, and strengthen our country’s economy,” he added.

Conflict

Alckmin also highlighted the Brazilian government’s initiatives to ensure fuel supplies and mitigate the impact of rising diesel and gasoline prices amid the conflict in the Middle East.

Among the initiatives are the suspension of federal taxes (PIS/Cofins) on petroleum products and a diesel subsidy in collaboration with states and municipalities. “Most states agreed,” he noted.

A drop in coffee exports and an increase in vehicle imports caused Brazil’s balance of trade to record its lowest surplus for March in six years, the Ministry of Development, Industry, Trade, and Services reported Tuesday (Apr. 7). Last month, exports exceeded imports by USD 6.405 billion.

The result represents a 17.2 percent drop from the same month in 2025, when the surplus stood at USD 7.736 billion. The surplus is the lowest for March since 2020, the start of the COVID-19 pandemic, when the result was a positive USD 4.046 billion.

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The figures were as follows:

• Exports – USD 31.603 billion, up 10 percent from March last year;
• Imports – USD 25.199 billion, up 20.1 percent from March last year.

The value of exports is the second highest for the month of March since the beginning of the time series, surpassed only by March 2023. Imports reached the highest value in the series, which began in 1989.

Sectors

Broken down by sector, exports in March varied as follows:

• Agriculture – +1.1 percent, with a two percent decline in volume and a three percent increase in average price;
• Extractive industry – +36.4 percent, driven by oil, with a 36.4 percent increase in volume and a 0.2 percent increase in average price;
• Manufacturing – +5.4 percent, with a 4.2 percent increase in volume and a one percent increase in average price.

Imports

As for imports, the increase is mainly linked to vehicles, with purchases from abroad rising by USD 755.7 million in March compared to the same month in 2025. By category, the main products are as follows:

• Agriculture – fish (+28.9%); fruits and non-oil seeds (+26.6%); and soybeans (+782%);
• Extractive industry – ores and concentrates of base metals (+33.7%); non-agglomerated coal (+59.9%); and crude petroleum oils (+19.4%);
• Manufacturing – other medicines, including veterinary medicines (+72.2%); chemical fertilizers (+61%); and passenger cars (+204.2%).

Year to date

In the first three months of the year, the trade balance recorded a surplus of USD 14.175 billion, 47.6 percent higher than the same period last year. The surge is due to the import of an oil rig in February 2025, a transaction that did not occur in 2026.

• Exports – USD 82.338 billion, up 7.1 percent compared to the same period last year;
• Imports – USD 68.163 billion, up 1.3 percent in the same comparison.

The cumulative surplus is the third largest in the time series, surpassed only by the first quarters of 2024 and 2023.

The National Agency of Petroleum, Natural Gas, and Biofuels (ANP), the sector’s regulator, announced Monday (Apr. 6) that the upcoming pre-salt auction will feature 23 exploration blocks.

The confirmation came through an update to the notice for the Permanent Production Sharing Offer (OPP). The auction initially included eight blocks, and on March 27, the ANP board added 15 more.

Notícias relacionadas:

• Petrobras discovers oil at Marlim Sul pre-salt field.
• Petrobras discovers quality oil in the Santos basin.

All areas are located in the so-called Pre-Salt Polygon, off the coast of the Southeast region, with eight in the Campos Basin and 13 in the Santos Basin.

According to ANP, all exploration blocks have received a favorable environmental feasibility opinion from the competent agencies, as well as a joint statement from the Ministry of Mines and Energy and the Ministry of Environment and Climate Change.

With the publication of the notice listing the 23 areas, the blocks are now eligible to receive expressions of interest from oil companies, along with the corresponding bid bonds.

Upon receiving an expression of interest from one or more registered companies for one or more blocks in the notice, ANP may set the auction date.

Permanent Offer

The Permanent Offer is the primary bidding mechanism for oil and natural gas exploration and production in Brazil. According to ANP, unlike traditional bidding rounds, this system allows for the continuous offering of exploration blocks.

Thus, over time, companies are free to study the technical data of the areas and submit bids whenever they deem most appropriate, without being bound by strict deadlines or specific bidding cycles.

“This flexibility has made the Permanent Offer an essential tool for fostering competitiveness and attracting investment in Brazil’s oil and gas sector,” the regulatory agency reiterated.

Production sharing and concession

Permanent offers can be structured as either concessions or production-sharing agreements. The production-sharing model is used in the pre-salt layer, where Brazil’s largest known oil reserves are located, as well as in other areas deemed strategic by the National Energy Policy Council (CNPE), a multi-ministerial advisory body to the Brazilian government.

Under the production-sharing regime, the company or consortium that wins the auction pays a fixed signing bonus. However, it is not this bonus that determines the winner; rather, the auction is decided by the share of production surplus the operator offers to the state. Each block has a required minimum percentage.

This surplus, which must be shared with the state, can be understood as the profit from production after all costs have been covered.

In addition, the country receives taxes, royalties, and a special share in the case of high-production fields.

Under the production-sharing regime, the state’s interests are represented by the state-owned company Pré-Sal Petróleo (PPSA), headquartered in Rio de Janeiro and affiliated with the Ministry of Mines and Energy. PPSA is responsible for auctioning the oil delivered to the state by the operating companies.

In contrast, under concession contracts - used in other exploration areas - the winner is the company or consortium that offers the highest signature bonus for the right to explore for oil.

A study released Tuesday (Mar. 31) by the NGO ACT Promoção da Saúde in partnership with Agência Bori shows that food inflation in Brazil is a structural phenomenon, making fresh products more expensive compared to ultra-processed ones.

The survey was conducted by economist Valter Palmieri Junior, who holds a Ph.D. in economic development from the State University of Campinas (Unicamp).

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Food inflation in Brazil, he says, cannot be attributed exclusively to seasonal factors – temporary fluctuations that tend to correct themselves spontaneously when the season changes. The study cites the example of rising tomato prices during the off-season.

The economist also argues that, likewise, food inflation cannot be explained solely by cyclical factors – variations caused by non-recurring events that may last for months or a few years. One example is a sudden devaluation of the exchange rate.

The study classifies food inflation as structural, resulting from persistent pressures that do not resolve on their own and require changes in the way the economy is organized.

“Inflation is structural because it does not stem solely from temporary shocks; it is specific because it is linked to the historical characteristics of the Brazilian development model,” the specialist notes in the study.

Up above inflation

In nearly 20 years, the cost of food for Brazilians has surged 302.6 percent – in other words, it has quadrupled – while the country’s overall inflation rate stood at 186.6 percent. This means that, from June 2006 to December 2025, the rise in food prices exceeded the Brazil’s broad price index IPCA — which is used to gauge the nation’s official inflation – 62 percent.

By way of comparison, Palmieri Junior notes that during the same period in the US, food prices rose about 1.5 percent above general inflation.

The researcher points out that in Brazil, when some kind of crisis occurs and food prices rise sharply, there is resistance to a decline.

“It’s easy for prices to go up, but then, at some point, for them to fall a little – that’s extremely difficult. I’ve seen this with some other countries, too,” he said in a conversation with journalists to present the study.

When breaking down food cost categories in Brazil, the study reveals that the items with the highest price increases were tubers, roots, and vegetables (359.5%); meat (483.5%), and fruit (516.2%).

Healthy foods vs. ultra-processed foods

The survey shows that the loss of purchasing power is most acutely felt when it comes to fresh foods.

“If a person allocated, for example, five percent of the minimum wage to buying food in 2006, today, with that same percentage, they would be able to buy more ultra-processed products and fewer healthy foods,” he said.

From 2006 to 2026, purchasing power for fruits fell by about 31 percent; and for vegetables, by 26.6 percent. In the case of soft drinks (+23.6%) and processed meats such as ham (+69%) and mortadella (+87.2%), it increased.

Regarding ultra-processed foods, the economist points out that the lower prices are linked to the fact that they contain ingredients like additives, “which are industrial and subject to less price fluctuation.”

In the professor’s view, the reduced impact of inflation on ultra-processed foods influences purchasing decisions, leading people to buy less healthy products.

“You start to see a shift in consumption patterns as a result.”

Export-oriented model

One of the factors driving the persistent rise in prices, the study notes, is Brazil’s integration into the global economy and its agro-export model.

The fact that the country is one of the world’s largest food exporters means that producers prioritize selling to other countries and receiving payment for their production in dollars, rather than supplying the domestic market.

The study shows that in the 2000s, the country exported 24.2 million tons of food and imported 14.2 million tons. By 2025, exports had jumped to 209.4 million tons, while imports stood at 17.7 million.

“This indicator shows the net amount of food produced in the country destined for the foreign market, reinforcing Brazil’s role as a major exporter and increasing the influence of the international market on domestic prices,” he stated.

The focus on exports leads Brazilian producers to prioritize crops that are in higher demand in other countries – such as soybeans, corn, and sugarcane.

The area devoted to growing these crops increased from 41.93 million hectares in 2006 to 79.30 million hectares in 2025. This difference is larger than the entire territory of Germany (35.7 million hectares).

During the same span, the area dedicated to the cultivation of rice, beans, potatoes, wheat, cassava, tomatoes, and bananas shrank from 10.22 million to 6.41 million hectares.

More expensive supplies

Another factor cited as a cause of recurring food price increases is the cost of agricultural supplies – fertilizers, pesticides, harvesters, and other machinery.

The study compared prices for 2006–2008 and for 2022–2024 and identified the following hikes in real terms:

fertilizers – 2,423%
herbicides and growth regulators – 1,870%
harvesters – 1,765%
insecticides – 1,301%
urea (nitrogen fertilizer) – 981%
agricultural machinery parts – 667%

In the expert’s opinion, this reflects the absence of a development strategy, with the expansion of commodities based on supplies and technologies controlled by oligopolies in developed countries.

He argues domestic prices are caught in a vicious cycle.

“This has affected prices for everyone, including that small bean farmer. He doesn’t even export, but he’ll have to pay the high cost of supplies, and that cost will be passed on to the price of beans,” he said.

Concentration

This dependence is linked to another factor that, Palmieri Junior argues, drives food inflation – concentration in the production chain.

In his study, he reveals that four foreign seed companies alone account for 56 percent of the global market.

In the case of pesticide companies, four foreign firms hold 61 percent of the market.

In agricultural machinery, four foreign companies hold a 43 percent market share.

In the food industry, the study continues, five brands from two companies hold a 74.2 percent share of the Brazilian margarine market.

A similar situation exists in the instant noodle market (73.7%). Five brands from three companies account for 83 percent of the market for chocolates.

Invisible Inflation

The economist notes that food inflation is even worse than the numbers suggest, due to “invisible inflation,” which cannot be measured. He defines this phenomenon as products that maintain their price but alter their ingredients, substituting cheaper items for more expensive ones, causing the final product to lose quality.

One example is ice cream, which now contains less milk and more sugar. The same happens with chocolate, which loses cocoa powder and gains sugar.

“If the cost is reduced by lowering quality and it sells for the same price, that’s inflation that isn’t accounted for by research agencies. How are you going to capture that?” he asked.

Solutions

The publication outlines several approaches capable of reversing the upward trend in food prices.

“The price of food is not merely an economic variable. It reflects political, distributive, and civilizational choices regarding the model of society we aim to build,” he stressed.

Among the suggestions are:

• decentralization of production and strengthening of local economies;
• rebalancing exports and domestic supply;
• strengthening of institutions such as the National Supply Company (Conab) and state supply centers (Ceasas);
• expanding access to land; and
• production credit conditional on production for the domestic market.

Palmieri Junior cited the example of developed countries, such as the US and European nations, which have carried out land reforms.

“It means making land more accessible to a segment of the population. This contributes to food sovereignty,” he said.

He believes land reform is beneficial to the interests of capitalism.

“If food is cheap, citizens have more money left over to buy other things that capitalism is producing and profiting much more from,” he noted.

“If a large portion of the population’s income has to be spent on food, other productive sectors are harmed,” he added.

Oil and natural gas production in Brazil reached a record high in February 2026, according to a report released on Wednesday (Apr. 1) by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

A total of 5.304 million barrels of oil equivalent per day (boe/d) - a measure that includes both oil and natural gas - were produced. The previous record was set in October 2025, at 5.255 million boe/d.

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Considering only oil, 4.061 million barrels were extracted per day - a 2.7 percent increase from the previous month and a 16.4 percent rise from the same month in 2025.

Natural gas production in February stood at 197.63 million cubic meters per day (m³/d), representing a 2.3 percent growth from January and a 24.5 percent expansion from February 2025.

Production came from 6,079 wells, 582 of which were offshore and 5,497 onshore. Offshore fields accounted for 98 percent of the country’s oil production and 87.8 percent of its natural gas output.

Fields operated by Petrobras, either alone or in consortium with other companies, accounted for 89.46 percent of total production.

Pre-salt production

The pre-salt layer accounted for 80.2 percent of Brazilian production, totaling 4.243 million boe/d in February. This represented a 2.3 percent increase from the previous month and a 20.1 percent rise from the same month in 2025.

A total of 3.264 million bbl/d of oil and 155.56 million m³/d of natural gas was extracted from 181 wells in the pre-salt layer.

The Tupi Field, in the Santos Basin, was the country’s largest producer of both oil and natural gas, with output of 865,980 barrels per day and 42.87 million m³/d.

Data released by the Ministry of Labor and Employment show that 255,321 formal jobs were created in February. The indicator measures the difference between hires and layoffs.

The net figure is higher than in January, when the country created 115,018 jobs.

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• Brazil’s labor informality rate falls.
• Unemployment up to 5.8% in February, still the lowest for the quarter.

Job creation fell 42 percent compared to February of last year, driven by high interest rates and the economic slowdown. In the same month in 2025, 440,432 jobs were created, according to adjusted data that account for late filings by employers.

Cumulative figures

In January and February, there was a 37.8 percent drop in the cumulative number of formal jobs. There were 370,339 in the first two months of 2026, compared to 594,953 in the same period in 2025.

The data include adjustments, as the Ministry of Labor records late submissions by employers and revises figures from previous months.

Sectors

When broken down by industry, all five sectors surveyed reported formal job growth in February:

• Services: 177,953 jobs
• Manufacturing: 32,027 jobs
• Construction: 31,099 jobs
• Agriculture and Livestock: 8,123 jobs
• Retail: 6,127 jobs

Traditionally, February is a slow month for retail, as the sector recovers from the end of temporary Christmas contracts.

Formal employment

With the creation of formal jobs, the number of formally employed workers reached 48,837,602 at the end of February, up 0.53 percent from January and 2.19 percent from the same month last year.

A formal employment contract guarantees the rights provided under labor law, such as 30 days of paid vacation per year, a monthly meal allowance, and unemployment insurance.

Galeão–Antônio Carlos Jobim International Airport in Rio de Janeiro was auctioned off on Monday (Mar. 30) for BRL 2.9 billion. The amount represents a 210.88 percent premium over the minimum bid of BRL 932 million set in the tender notice. The Spanish operator Aena submitted the highest bid in the auction.

In Brazil, Aena already controls 17 airports, including Congonhas in São Paulo, the country’s second-busiest airport. The winning bidder competed against two other companies: Zurich Airport, which operates four airports, and RIOgaleão, the airport’s current operator.

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The auction was decided after 26 rounds of bidding. In the first stage - the submission of sealed bids - Zurich Airport and Aena submitted identical bids of BRL 1.5 billion, surpassing RIOgaleão’s offer of BRL 934,045,874.00.

The winning concessionaire will assume full control of the airport. Brazilian Airport Infrastructure Company (Infraero), which currently holds a 49 percent stake in the operation, will exit the business. Under the auction rules, Aena must pay the Brazilian government an annual variable contribution equal to 20 percent of the concession’s gross revenue through 2039.

Galeão Airport is one of the main gateways for foreign tourists entering Brazil and also plays a key role in the domestic air network. In 2025, the terminal handled approximately 18 million passengers, representing 13 percent of the country’s air traffic.

Brazil’s Central Bank President Gabriel Galípolo stated on Monday (Mar. 30) that Brazil is in a more favorable position than other countries to face the volatility in oil prices caused by the war in the Middle East. The executive participated in the J. Safra Macro Day, held in São Paulo this morning.

“Of course, everyone would prefer to be in a situation without all these potential risks and shocks that the world has been facing in recent years. But when I compare Brazil to its peers, it seems to be in a relatively more favorable position,” he stated.

Notícias relacionadas:

• Petrobras says it can reduce impact of high oil prices in Brazil.
• Brazil’s official inflation falls to 3.81%, down 0.7% in February.
• Brazil’s Central Bank cuts benchmark interest rate to 14.75% per year.

Galípolo argued that this advantage stems from the fact that Brazil exports more oil than it imports, as well as from the contractionary monetary policy adopted by the financial institution, which has kept the nation’s benchmark interest rate – the Selic – at 14.75 percent per year.

“Compared to other central banks, which are closer to a neutral interest rate, I think this also puts us in a more favorable position relative to our peers,” he noted.

In his view, the current high interest rate environment in Brazil has created a buffer that should allow for a cut in the benchmark rate even amid pressure from the war in the Middle East.

“This buffer, which was built up through a more conservative stance during the last few [monetary policy committee] meetings, has allowed us – even in the face of new developments – to maintain the overall policy stance,” he said. “So, we decided to stick to our path and begin the cycle of monetary policy calibration.”

All these factors, he went on, suggest that Brazil is currently “more like an ocean liner than a jet ski.”

“We’re not going to make any sudden or drastic moves. That’s why, in the [monetary policy report], I was careful to point out that the buffer has given us time to observe, understand, and learn more,” he declared.

Inflation

According to Galípolo, this volatility in oil prices on the international stage is likely to lead to higher inflation in Brazil and also to a slowdown in the country’s economy in 2026.

The Central Bank president also said that, in Brazil, rising oil prices have often had a positive impact on the GDP – which is however unlikely to be the case this time.

“This seems to me to be a rise in oil prices of a nature quite different from the past. It does not stem from a demand cycle. It does not stem from an increase in demand, but rather from a supply shock,” he said.

“So, at the Central Bank, our view is that we are likely going to see higher inflation and lower growth,” he projected.

Brazil’s unemployment rate for the quarter ending in February reached 5.8 percent, higher than the moving average for the quarter ending in November, when it stood at 5.2 percent.

Despite the increase, the result is the lowest for a quarter ending in February since 2012, when the time series of the Continuous National Household Sample Survey (PNAD) began. In the same quarter of 2025, the rate was 6.8 percent.

Notícias relacionadas:

• Brazil creates nearly 1.3M formal jobs in 2025.

In the quarter ending in February, Brazil had 102.1 million people in employment and 6.2 million looking for work.

The data were released on Friday (Mar. 27) by the statistics bureau IBGE.

Criteria

The IBGE survey tracks labor market trends for people aged 14 and older and takes into account all forms of employment – including formal, temporary, and self-employment, for example. 

According to the institute’s criteria, only those who actively sought a job 30 days prior to the survey are considered unemployed. The survey visits 211 thousand households across all Brazilian states and the Federal District.

The highest unemployment rate ever recorded in the series that began in 2012 was 14.9 percent, reached in two periods – in the rolling quarters ending in September 2020 and March 2021, both during the COVID-19 pandemic.

Petrobras has discovered oil in an exploratory well at the Marlim Sul field, located in the pre-salt layer of the Campos Basin, off the coast of Rio de Janeiro.

According to a statement released by the company to investors on Thursday (Mar. 26), the oil is classified as “excellent quality.”

Notícias relacionadas:

• Petrobras regains control over production in two Campos basin areas.
• Petrobras says it can reduce impact of high oil prices in Brazil.
• Brazil’s oil and gas production grew 13.3% in 2025.

Well 3-BRSA-1397-RJS is located 113 kilometers off the coast of Campos dos Goytacazes, at a water depth of 1,178 meters.

The company reported that the oil-bearing interval was confirmed using electrical logs, gas indications, and fluid samples.

The samples will subsequently be sent for laboratory analysis, which will allow the characterization of the reservoir and fluid conditions, enabling continued assessment of the area’s potential, the statement said.

The company explains that exploration - a step prior to production - in the pre-salt layer aims to replenish oil reserves in mature areas, ensuring the company’s sustainability and meeting national energy demand during this period of energy diversification.

The Marlim Sul field was discovered in November 1987, and Petrobras is its sole operator.

In addition to Marlim Sul, the Campos Basin’s oil fields include Marlim and Marlim Leste.

The Campos Basin is the second-largest producer of pre-salt oil, accounting for 7 percent of the total. The leading basin is Santos, also on the Southeast coast, with 78 percent.

LATAM – the largest airline in Latin America – will receive its first aircraft purchased from Embraer, marking the first time in its history that it will operate planes produced by the Brazilian manufacturer.

In total, 24 E195-E2 jets will be added, which should strengthen its regional operations.

Notícias relacionadas:

• Lula christens first Gripen fighter jet made in Brazil.
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The aircraft delivery event took place at LATAM’s main maintenance center (MRO) in São Carlos, São Paulo, and was attended by President Luiz Inácio Lula da Silva, Vice-President Geraldo Alckmin, and several ministers and airline directors.

“This is a long-awaited partnership,” said Lula, celebrating the completion of the deal.

Announced last year, the agreement between LATAM and Embraer is worth USD 2.1 billion and could be expanded further with the purchase of 50 additional jets.

“[This partnership] is important because we have the third-largest aircraft manufacturer in the world, our own Embraer,” added the president.

Lula’s visit comes at a time of expansion for the airline in Brazil, with investments estimated at USD 4 billion between 2023 and 2026 to grow its fleet and boost national and international connectivity.

“The E2 will combine a brilliant Embraer product with an outstanding service from LATAM. With this, we will be able to reach more cities than we do today and continue growing,” said LATAM Brazil CEO Jerome Cadier.

According to him, more than half of the sector’s growth in Brazil last year was driven by the company, which employs 22,500 people worldwide.

Embraer’s president, Francisco Gomes Neto, stated that the E195-E2 jet is highly efficient and that having the LATAM logo on the aircraft will increase the model’s international value.

“The E2 will create opportunities for LATAM to improve connectivity between smaller cities, in an aircraft that is highly efficient and very comfortable. For us, it is very important to have the LATAM logo on this plane, one of the largest airlines in the world. Behind each of these jets, there are many jobs,” Neto said, noting that Embraer employs 23,500 people in Brazil and worldwide.

Historic growth

Present at the event, Minister of Ports and Airports Sílvio Costa Filho said that LATAM’s investments reflect one of the best moments in the history of civil aviation in Brazil, which grew from 97.7 million air passengers in 2022 to 130 million in 2025.

“It was the largest growth in aviation in the world, which strengthened both business and leisure tourism. Our goal is to reach 140 million passengers by the end of December,” Filho said.

Federal tax revenue in Brazil hit BRL 222.1 billion in February, the highest ever for the month since the time series began in 1995. This marks a real growth of 5.68 percent compared to February last year.

The data were released Tuesday (Mar. 24) by the Brazilian Federal Revenue Service.

Notícias relacionadas:

• Brazil’s federal revenue hits record high of BRL 2.89 trillion in 2025.
• Brazilian economy grows 2.3% in 2025.
• Brazil’s Central Bank cuts benchmark interest rate to 14.75% per year.

It is also the strongest revenue performance for the year to date. In the two-month period, it reached BRL 547.9 billion, an increase of 4.41 percent after adjusting for inflation.

According to tax authorities, the performance was mainly driven by growth in social security contribution revenue and recent changes to tax legislation.

Social security

Social security revenue reached BRL 60.5 billion, a real increase of 5.68 percent compared to February last year. The growth resulted from a 3.89 percent rise in the wage bill and a 7.98 percent increase in revenue from Simples Nacional, the special tax regime for micro and small businesses.