The level of consumer prices in November in Brazil fell by 0.21% compared with the previous month, to a maximum of 1.5 years, while analysts predicted a decline of only 0.09%.

The rate of inflation in annual terms last month decreased from 4.56% to 4.05%.

Experts believe that the deflationary trend will continue, and by the end of the year, the inflation rate will be about 60 basis points lower than the target 4.5%.

Since March 2018, the Central Bank of Brazil has kept its benchmark interest rates at a record low of 6.5% amid deflation, while investors are lowering their expectations for tightening monetary policy in 2019.

Brazil's central bank forecasts a country's GDP growth of 1.39% in 2018 and 2.5% in 2019.