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MNI BRIEF: Brazil May Inflation 3.93% As Floods Push Up Prices

Brazil's IPCA inflation was 0.46% in May, the Brazilian Institute of Geography and Statistics (IBGE) said on Tuesday, after consensus forecasts had settled on 0.42%, with prices affected by flooding in the south of the country.

In annual terms, prices rose by 3.93%, up from 3.69% in April, the first acceleration after the seventh consecutive monthly deceleration in the 12-month accumulated series. The consensus was for 3.88%.

"This result was driven by the prices of food and beverages, which rose by 0.62% compared to April, mainly influenced by the increase in tubers, roots, and vegetables (6.33%). Among them, the English potato stands out, with an increase of 20.61%, the largest individual impact on the overall index," IBGE said, adding that the prices were affected by the flood in Rio Grande do Sul. (See MNI POLICY: BCB Pause In Sight, But Copom Consensus In Doubt)

HomepageEM Policy NewsEM Policy StoryEM BriefEM Central Bank NewsLatAmBrazil Central BankStoryRegion
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