Brazil's annual consumer inflation slows to 4.18% in April

By Ovunc Kutlu

ISTANBUL (AA) - Brazil's annual consumer inflation rate slowed down in April, according to official data released on Friday.

The consumer price index rose 4.18% in April year-on-year, slowing down from an annual gain of 4.65% recorded in March.

The figure, however, came slightly higher than the market estimate of a 4.10% gain.

On a monthly basis, the consumer price index increased by 0.61% in April, the Brazilian Institute of Geography and Statistics (IBGE) said in a statement.

The index also showed a slowdown from 0.71% gain in March, but it came higher than the market expectation of a 0.54% monthly increase.

Brazil's central bank, Banco Central Do Brasil, last made a rate hike of 50 basis points on Aug. 3 last year, carrying the interest rate to 13.75% -- the highest since early 2017.