Brazil's consumer inflation slows down in October

By Ovunc Kutlu

ISTANBUL (AA) - Brazil's consumer inflation slowed down in October both annually and monthly, according to figures released Friday.

Consumer inflation annually increased 4.82% in October, slowing its pace from the 5.19% year-on-year gain recorded in September.

The figure also came in slightly lower than market estimates of 5.87%.

On a monthly basis, the consumer price index rose 0.24%, also coming lower than the market expectation of a 0.29% gain.

The figure was slightly lower than the month-on-month increase of 0.26% recorded in September.

Prices for eight of the total nine groups of products and services increased in October, the Brazilian Institute of Geography and Statistics (IBGE) said in a statement.

The largest monthly increase was recorded in transportation with a gain of 0.35%, followed by food and beverages at 0.31%.

Brazil's central bank last week lowered its interest rate by another 50 basis points to 12.25% -- its third consecutive rate cut since August.