Brazil inflation rises above central bank target in September
In September, Brazil's annual inflation rate exceeded the central bank's target range, soaring to 4.58% over the previous 12 months, according to figures released by the statistics agency IBGE. The IPCA consumer price index rose from 4.22% in August, outpacing the 4.50% forecast in an economist poll. The central bank aims for an inflation goal of 3%, with a permissible band of 1.5 percentage points either side.
Monthly price increases in September stood at 0.82% compared to 0.73% in August, both surpassing market expectations. Every category monitored by IBGE experienced price hikes during the month. Food and beverage costs climbed 0.83% after falling for three straight months. The Brazilian government trimmed the benchmark interest rate to 13.75% in September, marking the fifth consecutive reduction. The next policy decision is set for November 3-4, pending Brazil's presidential election run-off.
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