Brazil's consumer inflation shows monthly gain in February

By Ovunc Kutlu

ISTANBUL (AA) - Brazil's consumer inflation showed a gain in February, accelerating on a monthly basis, according to figures released Tuesday.

Consumer inflation annually increased 0.83% in February, increasing its pace from a 0.42% month-on-month gain recorded in January.

The figure came in slightly higher than market estimates of 0.78%.

On an annual basis, consumer price index rose 4.5% in February, after showing a 4.51% increase in January.

The figure was also higher than expectations of a 4.44% year-on-year gain.

Prices in seven of the nine groups of products and services increased in February, the Brazilian Institute of Geography and Statistics (IBGE) said in a statement.

The largest monthly increase was recorded in education with a gain of 4.98%, followed by food and beverages at 0.95%.

Brazil’s central bank on Jan. 31 lowered its benchmark interest rate by 50 basis points to 11.25% -- its fifth consecutive rate cut.