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Financial News: BRAZIL: Annual Inflation Falls To 2.71% In July

BRAZIL: Annual Inflation Falls To 2.71% In July

08/09/2017 - 15:04:00 (RTTNews)

(RTTNews) - The annual inflation rate in Brazil decreased to 2.71% in July, the lowest level since February 1999, and is near the bottom of the 2.5% to 6.5% target range set by the country's central bank, said the national statistics office. Analysts, however, expected an even lower reading, of 2.66%, according to a survey by Agencia CMA.

The weak inflation in Brazil comes a year and a half after a 10.71% peak hit in January 2016 and is mainly a result of low economic activity in the past two years, when the country experienced its worst recession in modern history.

A substantial monetary tightening at the end of 2015 also helped to keep inflation from getting stronger, and since October 2016 the Brazilian central bank has been steadily reducing the benchmark interest rate to avoid undershooting the inflation target.

On a monthly basis, inflation in Brazil was at 0.24% in July, after a 0.23% deflation in June. The price movement reversal was already expected due to an increase in prices of electricity and after the government virtually doubled a tax on fuels. Analysts surveyed by Agencia CMA expected a 0.18% monthly inflation in July.

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