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Brazil Inflation November 2019

Brazil: Inflationary pressures pick up in November

Consumer prices rose 0.51% in November over the previous month, up from October’s 0.10% increase. The result marked a seven-month high and was slightly above market expectations of a 0.46% increase. Strong price gains in food and beverages, and housing drove the increase. Higher food costs were primarily due to a surge in meat prices, while the rise in housing costs was the result of a hike in electricity prices.

Inflation climbed to 3.3% in November from 2.5% in October, which had represented the lowest reading since August 2017. Annual average inflation edged down to 3.7% in November from 3.8%. Inflation remains well below the Central Bank’s target of 4.25% for the end of 2019; however, inflationary pressures should continue to intensify moving into 2020 due to higher food price pressures and electricity price hikes.

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