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Rice and Meat Boost May Prices 0.79% in Brazil

Brazil's favorite dish: rice, beans, beef, salad Brazil's consumer prices rose 0.79% in May, the fastest pace in more than three years, underscoring concerns about inflation pressures in Latin America's largest economy. The official benchmark IPCA consumer price index showed that prices of rice, meat and other staple food items kept pushing inflation as they had done in previous months.

The 0.79% of May is the biggest monthly increase since a 0.87% rise in April 2005, pointed out the IBGE (Brazilian Institute of Geography and Statistics). Inflation in April was 0.55%. A Brazilian central bank survey among economists and market analysts anticipated 0.63%.

Food and beverage prices jumped 1.95% in May after a 1.29% increase in April and were the main culprit for the quickening of the inflation rate. Prices of soccer tickets surged 19.7% while banking services rose 8.74% and manicure costs were up 1.37%.

Brazil's central bank raised its benchmark Selic lending rate last week for the second time in less than two months to curb resurgent inflation and prevent the economy from overheating. The central bank hiked the Selic to 12.25%, the second consecutive 50-basis-point rate hike.

In the 12 months to May the IPCA rose 5.58% compared with a previously reported 5.04% increase in the year to April and 5.25% in the year to mid-May, the IBGE said.

The central bank, which uses the IPCA as a guide when setting interest rates, has a 4.5% inflation target for 2008 and 2009.

Mercopress

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  • Show Comments (1)

  • ch.c.

    Great !
    Great to have such a high INTERNAL inflation rate.
    You cant target anymore IMPORTED inflation……as you do so REGULARLY.
    Are you not the world cheapest producer of….MEAT…AS YOU PRETEND ?????
    Ohhhh sure…..exporting is better than feeding your own citizens first….in your view, and this is what you do.

    May be agricultural subsidizies to your family farmers will make them less poors, more efficient producers.
    But yessssss….Brazil prefers to provide 80 % of their agricultural subsidizes to the LARGE minority farmers and 20 % to the 5 millions of family farmers. Large farmers will export competitively…..and family farmers will produce at a high price….generating HIGH local food prices relative to the incomes of the local buyers, creating more poverty not more wealth.

    Autogoals after autogoals is what you excel at and are addicted to !

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