11.07.202313:28:00UTC+00Brazil Inflation Lowest In 33 Months

Brazil's consumer price inflation eased further in June to reach its lowest level in more than two-and-a-half years, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Tuesday.

The consumer price index climbed 3.16 percent year-over-year in June, slower than the 3.94 percent rise in April. Economists had expected inflation to ease to 3.17 percent.

This was the lowest inflation rate since September 2020, when prices had risen by 3.14 percent.

Moreover, inflation stayed within the central bank's target range of 1.75 percent to 4.75 percent for the fourth straight month.

Transport costs fell 5.68 percent annually in June amid a sharp decline in gasoline prices.

Meanwhile, prices for food and drinks increased at a slower pace of 4.01 percent in June versus a 5.54 percent gain in the prior month.

On a monthly basis, consumer prices dropped 0.08 percent in June, reversing a 0.23 percent rise in the previous month. This was the first decrease this year. The expected increase was 0.33 percent.