Brazil's Pace of Inflation Slowed in January

02/08/18 06:36 AM EST
   By Jeffrey T. Lewis 
 

SAO PAULO--Brazilian inflation slowed in January from a year earlier as prices for clothing and housing declined.

The country's consumer price index rose 2.86% in the 12 months through January, compared with an increase of 2.95% in December. Prices rose 0.29% in January from the previous month, the slowest pace for January since 1994, Brazilian statistics agency IBGE said Thursday. The index rose 0.44% in December from November.

The 12-month figure remains below the Central Bank of Brazil's target range for inflation of 3% to 6%. The bank decided on Wednesday to cut its benchmark Selic interest rate to 6.75%, a record low, and indicated that it is likely to leave the Selic at that level at its next meeting.

Prices for clothing declined 0.98% in January from December, and the cost of housing fell 0.85% in the same period, IBGE said.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 

(END) Dow Jones Newswires

February 08, 2018 06:36 ET (11:36 GMT)

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