Brazil's annual consumer inflation slows in January

By Ovunc Kutlu

ISTANBUL (AA) – Gain in Brazil's annual consumer inflation rate slowed down in January, according to official data released on Thursday.

The consumer price index rose 5.77% in January year-on-year, coming below the market expectations of a 5.8% increase, and slowing down from an annual gain of 5.79% recorded in December.

On a monthly basis, the consumer price index increased by 0.53%, 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 0.57% in January, consumer prices rose 0.62% in December.