Brazil's consumer inflation slows in August

By Ovunc Kutlu

ISTANBUL (AA) - Brazil's consumer inflation slowed down in August on an annual basis, according to figures released Tuesday by the Brazilian Institute of Geography and Statistics.

Consumer inflation rose 4.24% in August year-on-year, decelerating from a 4.5% annual gain in July.

The figure also managed to come in lower than market estimates of 4.3%.

On a monthly basis, the consumer price index declined 0.02% in August, following a 0.38% increase in July.

The market expectation for the monthly figure was to show an increase of 0.01%.

In August, housing prices fell 0.51% on a monthly basis, while food and beverages posted a decline of 0.44%, according to the institute.