Tuesday, November 9, 2010

Brazilian Monthly Inflation Jumps To Highest Since 2002

Brazilian inflation as measured by Consumer Price Index (IPCA) was 0.75% in October, the highest for the month of October since 2002.

In September, the index rose by 0.45%. The cumulative rate from January to October was 4.38%. Inflation has already surpassed all of last year when from January to December it was 4.31%.

The index was right on the ceiling of the range of analysts' estimates. The result of last month is also the highest since February this year when it reached 0.78%. Until last month, the IPCA index is up 5.20% over the past 12 months.

Despite strong pressure from food and also services such as schools (6.64%, the largest contribution to the high inflation in the year), domestic servants (9.55%), condominiums (5.08%) and car repairs (5.71%), there were some itmes that helped contain inflation in 2010. Some of them have the price pegged to the dollar, such as cleaning articles (1.09% from January to October) and toiletries (2.04%), and fuel (0.35%), automobiles (-0.95%) and used cars (-1.56%). About 26 items surveyed are responsible for almost 80% of the IPCA in 2010.

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