Brazil’s consumer price inflation accelerated unexpectedly in May, while annual inflation accelerated at a faster-than-expected pace, figures from the statistical office IBGE showed Wednesday.
The Extended National Consumer Price Index, or IPCA, rose 0.74 percent monthly in May, following a 0.71 percent climb in the preceding month. Economists had expected the inflation to ease to 0.58 percent.
Annually, consumer prices rose 8.47 percent in May, exceeding economists’ expectations for a 8.30 percent increase. In April, prices had risen 8.17 percent.
During the first five months of the year, inflation accelerated to 5.34 percent from 3.33 percent in the corresponding period last year.
This marked the highest rate of inflation for the period January to May since 2003, when prices rose 6.80 percent.
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