Brazil IPCA-15 overshoots at 0.7%, confirming BC inflation warning

Brazil's IPCA-15 for September came in at 0.7%, above the 0.65% forecast in the central bank's monetary policy report, ending two months of benign inflation. Housing costs surged 2.07% as the temporary Itaipu energy bonus unwound, while food deflation faded. The data corroborates the BC's warning of renewed price pressure, raising odds of a hawkish hold or hike at the next Copom meeting.