Inflation in Brazil slowed in may to the lowest in 10 years

Moscow. June 9. INTERFAX.RU – Inflation in Brazil in may 2017 fell to its lowest level in 10 years, according to statistics Agency IBGE.

Consumer prices in the country last month increased by 3.6% in annual terms – this is the weakest growth since may 2007 and significantly below the target, the Brazilian Central Bank’s 4.5%. Inflation slowed at the end of the ninth month in a row in April, she made up 4.08%.

The rise in consumer prices compared with the previous month in may amounted to 0,31% against 0.14% in April.

The Central Bank of Brazil on may 31 cut its benchmark interest rate (SELIC) for the sixth time since October last year, trying to push the economy to growth. The rate was reduced immediately by one percentage point to 10.25% per annum.

Brazil’s GDP in the first quarter of this year increased by 1% compared with the previous quarter after falling for the previous eight quarters.