Brazil’s inflation exceeds eight percent year-on-year

(Prensa Latina) The National Broad Consumer Price Index (measures inflation) in Brazil registered 0.83 percent in May and accumulated 8.06 inter-annual, a figure that exceeds market forecasts, the Government informed today.

According to the Brazilian Institute of Geography and Statistics (IBGE), the percentage for this period appears above the objective target of 3.75 percent, with 1.5 tolerance points above and below.

The index was planned against May 2020, when it registered -0.38%, in the middle of the economic pause during the first wave of the Covid-19 pandemic, and accumulates an increase of 3.22% in the first five months of the year.

According to IBGE, May’s price increase, higher than April’s 0.31 percent, was mainly driven by electricity (5.37 percent) and fuels (2.87).

All the economic groups analyzed presented increases in amounts, but the greatest impact was due to the housing sector, whose values rose by 1.78 percent.

The institute explained that the increase in the housing group is mainly due to the impact of electricity and the new rates in the electricity bill that came into effect in May.

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