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Financial News: BRAZIL: Monthly CPI Falls For The First Time

BRAZIL: Monthly CPI Falls For The First Time In 11 Years

07/09/2017 - 18:41:00 (RTTNews)

(RTTNews) - Brazil posted in June its first monthly deflation in 11 years, and also the strongest month-on-month price decrease since the introduction of the country's current currency, the real, in the 1990s, according to the national statistics office.

The consumer price index in Brazil decreased 0.23% in June compared to May, when the index rose 0.31%. It was the strongest monthly deflation since August 1998, when prices were down 0.51%. Analysts expected a 0.19% deflation in June.

The annual inflation in Brazil decreased to 3.00% in June - the lowest rate since April 2007 (3.00%). The reading was slightly below market expectations (3.04%) and only half percentage point above the central bank's inflation target floor for 2017, of 2.5%.

In June, deflation hit the most influential groups of the price index on a monthly basis, with food, housing, and transport costs declining 0.50%, 0.77%, and 0.52%, respectively. These areas, together, are equivalent to about 60% of consumer spending in Brazil.

In other groups, the price rise has weakened. Clothing prices rose 0.21% in June compared to May, when they increased by 0.98%. Health and Personal Care costs were up 0.46%, from 0.62%.

Inflation was stronger at the Personal Expenses group (+0.23% to +0.33%), while the Education and Communication groups posted monthly price increases of 0.08% and 0.09%, respectively.

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