Brazil’s Inflation Down, But Still a Hefty 6.97%

Construction work in Brazil Brazilian government statistics from the IBGE (Brazilian Institute of Geography and Statistics) show that Brazil’s benchmark IPCA, consumer price index, rose 0.43% in October from September, slightly above expectations.

 The agency said the data was released a day ahead of schedule due to a failure in its publishing system.

The data pointed to inflation slowing to 6.97% in the 12 months through October from 7.31% in the 12 months through September, analysts said. That is still above the 2.5% to 6.5% range targeted for annual inflation by the central bank. Inflation gained to 5.43% in the first 10 months of the year.

The slowdown from September’s rise of 0.53% could be a relief for policymakers, with Central Bank President Alexandre Tombini predicting for months that annual inflation would slow starting in October.

The yield on the interest rate future contract due in January 2013 – a gauge for expectations on the level of the benchmark overnight Selic rate at the end of 2012 – was little changed on Thursday.

The yield on the contract, among the most widely traded in São Paulo, fell 1 basis point to 9.99% from 10% on Wednesday.

The agency also said that the number of workers employed by Brazil’s industrial sector fell 1.4% in September.

Mercopress

Tags:

You May Also Like

Brazil Sells 3 Airports for US$ 14.3 Billion, 4 Times Over the Asked Price

For the Brazilian government the privatization of three airports turned into a more than ...

Brazil Vows to Help International Fund for AIDS and TB

The Brazilian Minister of Foreign Relations, Celso Amorim, said yesterday, July 6, that Brazil ...

Ary Barroso’s Herbal Bath

Here’s the story of  how young Brazilian composer Ary Barroso found fame and fortune: ...

In Brazil Beef Exports Are Up, But Prices Are Down

A study released earlier this month by the Brazilian Confederation of Agriculture (CNA) shows ...

Best Case Scenario for Brazil in 2009: 10% Decline in Exports

Brazil's ACCs (Adiantamento sobre Contratos de Câmbio – Advances on Exchange Contracts), which are ...

Oil high prices made Argentina oil attractive

Argentina Would Like for Brazil to Explore Its Oil

Brazilian President Luiz Inácio Lula da Silva received the governor of the Argentine province ...

Sheik Jihad Hammadeh

Brazil’s Veja Magazine Caught in Islam Cartoon Flap. Sheik Calls for Boycott

Sheik Jihad H. Hammadeh is used to receiving phone calls from confused Brazilian journalists. ...

Safe Sex in Brazil: 25 Million Free Condoms on Carnaval, 1.5 Billion in 2006

The Brazilian Ministry of Health’s National Program for Sexually Transmitted Diseases (DST/AIDS), is ready ...

Brazil Wants Google to Cough Up or Leave the Country

Brazil’s Justice Department wants to fine and if needed to close the Brazilian bureau ...