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Financial News: Brazil Inflation Slows More Than Expected In August

Brazil Inflation Slows More Than Expected In August

09/06/2018 - 08:51:00 (RTTNews)

(RTTNews) - Brazil's inflation eased more-than-expected in August as prices fell from the previous month, preliminary data from the statistical office IBGE showed Thursday.

The consumer price index, otherwise called the IPCA, rose 4.19 percent year-on-year following a 4.48 percent increase in July. Economists had forecast a 4.29 percent inflation rate.

Compared to the previous month, the IPCA dropped 0.09 percent in August, which was the lowest rate for the month since 1998, when there was a 0.51 percent fall. Economists had expected prices to remain unchanged.

In July, prices rose 0.33 percent.

"The decline in Brazilian inflation in August, to 4.2% y/y, adds to the reasons to think that Copom won't raise interest rates at its meeting this month," Capital Economics economist William Jackson said.

"Moreover, core inflation still looks quite soft and we think the pace of the eventual rate hikes over the next 12 months will be less aggressive than is currently being priced into financial markets."

Capital Economics expects the Selic rate to be raised to 8.50 percent by the end of 2019 from 6.50% now.

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