We propose a large structural VAR approach which assumes that the target variables are affected by a few common shocks, in line with the factor literature, to assess impacts on Brazil s core inflation. Our findings suggest that core inflation in Brazil is driven primarily by supply shocks, mainly the energy-related ones, across the whole sample. This result is somewhat surprising because these prices are not accounted for directly in the core inflation index, so the impact comes from second-hand and spillover effects in the economy. We also find no evidence that global supply chains had a relevant impact in the post-pandemic inflationary surge in Brazil.