Brazil’s consumer price inflation eased for the sixth straight month in December to reach its lowest level in nearly two years, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Tuesday.
The consumer price index climbed 5.79 percent year-over-year in December, slower than the 5.90 percent rise in November. Economists had expected inflation to ease to 5.60 percent.
Moreover, this was the lowest inflation rate since February 2021, when prices had risen 5.20 percent.
It is also the fourth consecutive time that inflation is above the national monetary council’s target of 3.5 percent and a ceiling of 5 percent in 2022, the agency said.
On a monthly basis, consumer prices moved up 0.62 percent in December, following a 0.41 percent rise in the previous month. The expected increase was 0.45 percent.
Prices grew most in health and personal care by 1.60 percent over the month, closely followed by clothing with a 1.52 percent gain.