Brazil's consumer inflation slows annually, monthly in January

By Ovunc Kutlu

ISTANBUL (AA) - Brazil's consumer inflation slowed annually and monthly in January, according to figures released Thursday.

Consumer inflation annually increased 4.51% in January, slowing its pace from a 4.62% year-on-year gain recorded in December.

The figure, however, was slightly higher than estimates of 4.42%.

The consumer price index rose 0.42% in January, decelerating from a 0.56% increase in December.

The figure was also higher than expectations of a 0.34% month-on-month gain.

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

The largest monthly increase was recorded in food and beverages with a gain of 1.38%, followed by health and personal care at 0.83%.

Brazil’s central bank lowered its benchmark interest rate in December by 50 basis points to 11.75% -- its fourth consecutive rate cut.