Brazil's consumer inflation slows in October for 3rd month

By Ovunc Kutlu

ANKARA (AA) – Gain in Brazil's annual consumer inflation rate slowed down in October for the third consecutive month, according to official data released on Thursday.

The consumer price index rose 6.47% in October year-on-year, but it was a sharp decline from annual gains of 7.17% in September, 8.73% in August, and 10.07% in July.

The figure in October, however, came in higher than the market expectation of a 6.34% increase.

On a monthly basis, however, the consumer price index increased 0.59% in October, ending three consecutive months of deflation, the Brazilian Institute of Geography and Statistics (IBGE) said in a statement.

While the market estimate for the monthly figure was to show a gain of 0.48% in October, consumer prices declined 0.29% in September, 0.36% in August, and 0.68% in July.

Of the nine groups of products and services in the economy, eight were up in October, IBGE said.

The largest price contributions in October came from transport, food and beverages, and health and personal care, it added.