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Brazil Inflation May 2023

Brazil: Inflation falls to over two-year low in May

Inflation came in at 3.9% in May, down from April’s 4.2%. May’s reading represented the lowest inflation rate since October 2020. While inflation was still above the Central Bank’s 3.25% target for 2023, it was well below the upper tolerance band of 4.75%. The result was primarily driven by a steeper decline in prices for transportation. In addition, price pressures for food and beverages moderated. Moreover, prices for clothing grew at a more subdued pace.

Annual average inflation fell to 6.6% in May (April: 7.2%).

Lastly, consumer prices increased a seasonally adjusted 0.23% in May over the previous month, which was below the 0.61% increase logged in April. May’s result marked the weakest reading since September 2022.

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