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LatinNews Daily - 11 August 2021

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In brief: Brazil’s inflation accelerates

* Brazil’s national statistics institute (Ibge) has released the latest figures on inflation, which grew 0.96% in July compared with June. This is the highest monthly inflation rate recorded for July since 2002, and brings annual inflation in the 12 months to July 2021 to 8.99% – ever further from the central bank’s 3.75%+/-1.5 target range. The sector with the highest monthly variation in prices was housing, which saw monthly inflation of 3.10%, largely driven by high electricity tariffs. The price of electricity jumped 7.88% in July compared with June, as a drought has put pressure on Brazil’s energy supply. The acceleration of price increases in the transport (1.52%) and food & drink (0.60%) sectors also pushed up July inflation.