Brazil’s May inflation closed at 0.46%, influenced by food prices

Brazil's official inflation rate accelerated to 0.46 percent in May, up from 0.38 percent in April. Food prices were the primary driver of the increase in the Broad National Consumer Price Index (IPCA), according to the government´s statistics agency IBGE report released on Tuesday (Jun. 11). The calamity in Rio Grande do Sul put pressure on the index.

Year-to-date, accumulated inflation stands at 2.27 percent, while over the past 12 months it has reached 3.93 percent. This figure falls within the government's target of 3 percent, with a tolerance range of plus or minus 1.5 percentage points.

The food and beverage group increased by 0.62 percent in May, contributing 0.13 percentage points to the IPCA.

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