By Ovunc Kutlu
ISTANBUL (AA) - Brazil's consumer inflation picked up pace in July on both monthly and annual bases, according to figures released Friday by the Brazilian Institute of Geography and Statistics (IBGE).
Consumer inflation monthly increased 0.38% in July, accelerating from a 0.21% month-on-month rise in June.
The figure also came in higher than market estimates of 0.35%.
The largest increase came from transportation, which showed a monthly gain of 1.82%, followed by housing with 0.77%, IBGE said in a statement.
On an annual basis, consumer price index rose 4.5% in July, also gaining pace from a 4.23% increase in June.
That figure also came in higher than market expectations of a 4.47% year-on-year gain.
Brazil’s central bank on July 31 kept its benchmark interest rate unchanged at 10.50%.
Banco Central do Brasil on May 8 lowered its benchmark interest rate by 25 basis points to 10.50%, its seventh consecutive rate cut and the lowest level since February 2022.