Financial News: Brazil Inflation Almost Stable At 4.50%

Brazil Inflation Almost Stable At 4.50%

03/12/2024 - 09:17:00 (RTTNews)

(RTTNews) - Brazil's consumer price inflation eased for the fifth straight month in February, though marginally, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Tuesday.

The consumer price index climbed 4.50 percent year-over-year in February, slightly slower than the 4.51 percent rise in December. Economists had expected inflation to moderate to 4.42 percent.

The latest inflation rate was the weakest since July 2023, when prices has risen 3.99 percent.

Further, inflation remained within the central bank's upper tolerance band of 4.75 percent.

Utility costs grew at a slower pace of 4.40 percent annually in February versus a 4.98 percent surge a month ago.

Costs for health and personal care alone grew 6.66 percent, though weaker than the 7.29 percent surge in January. Prices for food and drinks were 2.62 percent higher.

On a monthly basis, consumer prices moved up 0.83 percent in February, following a 0.42 percent rise in the previous month. The expected increase was 0.78 percent.

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