William Jackson, chief emerging markets economist at Capital Economics, said an import surge was unlikely.
“We might see a bit of a decline [in] food inflation as a result. But there are more fundamental drivers of this spike in prices, particularly in beef and coffee, [such as] drought and fires,” he added.
[...]
Jackson said there were signs that grocery trips may become even more expensive in Brazil: “If you look at agricultural commodity prices and take account of usual lags, they point to food inflation of as much as 15 per cent in the next six months or so.”