LatinNews Daily - 11 December 2024

*Brazil’s national statistics institute (Ibge) has released the consumer price index (Ipca) for November, showing a monthly inflation rate of 0.39%. This marks a deceleration from the monthly inflation of 0.56% in October, but an acceleration from 0.28% in November 2023. The annual rate for the 12 months until November this year came to 4.87%, up from 4.76% in October. Of the nine categories of products and services measured for the Ipca, three saw monthly rises in prices, with the greatest monthly inflation registered in the food and drinks category (+1.55%). In a press release, the Ibge highlighted that the rise in food prices was mainly driven by products such as meat (+8.02%) and soya oil (+11.0%). However, household electricity bills have come down from the previous month. The housing category was main driver of inflation in October, but in November the category has registered monthly deflation of 1.53%. According to the Ibge, the decision of the federal electricity regulator (Aneel) to lower the tariff on power consumption from 1 November onwards contributed to lower energy bills.