Brazil's inflation hits 0.45 pct in October
Brazil's inflation rate grew 0.45 percent in October, the highest for the month since 2015, Brazil's Institute of Geography and Statistics (IBGE) said Wednesday, Xinhua reported.
The increase was driven by higher prices in fuel and food, IBGE said.
Brazil's inflation in the first 10 months of this year was 3.81 percent, higher than the 2.21 percent registered during the same period of 2017. During the previous 12 months ending in October 2018, the rate was 4.56 percent, higher than the 4.53 percent during the same period in the previous 12 months from November of 2016 to October of 2017.
It also surpassed the goal of 4.5 percent set by the Central Bank of Brazil, although it was still within the margin of tolerance of 3 percent to 6 percent.
IBGE said the goal set to end the year would depend on the food and fuel movement.
"Together these two groups account for 43 percent of household expenses and contributed nearly 70 percent of the month's rate," IBGE said.
The financial market forecasts that inflation will be 4.4 percent for this year, lower than the government goal of 4.5 percent.