LatinNews Daily - 12 September 2022

In brief: Brazil registers deflation in August

* Brazil’s national statistics institute (Ibge) has released the latest consumer price index (IPCA), which shows monthly deflation of 0.36% in August – the second consecutive fall in consumer prices this year, after 0.68% deflation in July. Annual inflation stood at 8.73% last month, down on the 10.07% annual rate registered in July. This is the first time that Brazil’s annual inflation has fallen below 10% since September 2021. In August, the decline in prices was led by a fall of 3.37% in transportation costs and a 1.1% drop in the communications category. On 16 August, state-controlled oil group Petrobras reduced petrol prices by 4.8% for distributors, which caused fuel prices to recede last month. Despite this recent decline, the IPCA annual rate remains far above the target set by Brazil’s central bank (BCB) of 3.5% +/- 1.5 for 2022.

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