Official inflation up; closes out May at 0.74%

The official inflation measured by the National Broad Consumer Price Index (IPCA) was 0.74% in May this year, up from April (0.71%) and in May last year (0.46%). The results were released Wednesday (June 10) by the Brazilian Institute of Geography and Statistics (IBGE).

The cumulative rate for IPCA this year stands at 5.34%, whereas the 12-month cumulative figure was 8.47%, above the government's upper target of 6.5%.

The IPCA is regarded as the official inflation gauge, measuring prices changes based on the consumption of households with incomes between one and 40 times the minimum wage. It is surveyed in ten metropolitan areas and three Brazilian capitals.

Translated by Mayra Borges