After moving backwards in the previous month, the median inflation projected by the Brazilian consumer increased between May and June, from 7.2% to 7.4%, consolidating at high levels by historical standards. This is what the Inflationary Expectations Index, calculated by the Brazilian Institute of Economics (FGV/IBRE), indicates.According to the economist Angelo Polydoro, the increase in June reverses the decrease in the previous month and brings the current reading nearer to the highest value observed in the recent past of the series, 7.5 in April. The tendency is that inflation expectations will be maintained at high levels following the accumulated IPCA index in 12 months.Observed at quarterly moving averages, the index continued the gradual increase trend of the expected inflation. Access the full analysis here (in Portuguese).