Brazil Considers 'Drastic Measures' on Food Inflation; Argentina Reduces Taxes on Imported Vehicles; US Housing Affordability Declines

Brazilian President Luiz Inácio Lula da Silva stated the government may take "drastic measures" to combat food inflation if a "peaceful solution" isn't found. He expressed concern over rising prices of eggs, coffee, and corn, suggesting intermediaries are to blame. The government is considering actions like import tax exemptions. In Argentina, tax reductions on imported vehicles have led to a price decrease for the Ford Bronco Sport. The elimination of the Impuesto PAIS tax in December, coupled with the removal of the first scale of the internal tax, resulted in a 16% price reduction in February. In the U.S., over one-third of local wages are needed to meet housing payments, exceeding affordability benchmarks, according to Attom. A report identified California, Florida, Illinois, and the New York City metropolitan area as states with the most vulnerable counties to a housing market downturn.