Brazil's businesses and consumers' gloomy outlook can be observed in confidence indices, which are at historical lows accross the board bodes poorly for durable goods demand and infact, for whole non-essential consumption.

There are solid forces which back the likely downturn in the inflation causing pressures further. 

"Despite the likely rise of disinflationary pressures next year, the impact of the BRL devaluation now appears to be feeding through to upside inflationary dynamics", says Barclays in a research note. 

The currency has been depreciating in 2015 but BCB's tightening cycle was sufficient to keep inflation expectations under control in the first half of the year.