Financial News: Brazil Inflation Eases To 5.6%, Lowest In 2

Brazil Inflation Eases To 5.6%, Lowest In 2 Years

03/10/2023 - 08:17:00 (RTTNews)

(RTTNews) - Brazil's consumer price inflation eased for the eighth straight month in February to reach its lowest level in two years, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Friday.

The consumer price index climbed 5.60 percent year-over-year in February, slower than the 5.77 percent rise in January. Economists had expected inflation to ease to 5.54 percent.

Moreover, this was the lowest inflation rate since February 2021, when prices had risen by 5.20 percent.

Nonetheless, the inflation rate still remained well above the central bank's target range of 1.75 percent to 4.75 percent.

On a monthly basis, consumer prices moved up 0.84 percent in December, following a 0.53 percent rise in the previous month. The expected increase was 0.80 percent.

The monthly rise in inflation was largely driven by a 6.28 percent surge in education costs, which grew at the quickest rate since 2004.

"February is always very marked by education, as the readjustments made by educational establishments at the turn of the year are accounted for in that month," Pedro Kislanov, research manager at IBGE, said.

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