Brazil August Inflation Hits 21-Year High 'Additional Base Rate Hike Expected'
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[Asia Economy Reporter Park Byung-hee] Brazil's consumer price inflation rate for August soared to the highest level in 21 years for the month of August.
The Brazilian Institute of Geography and Statistics (IBGE) announced on the 9th (local time) that the consumer price inflation rate for August was 0.87% compared to the previous month. This is the highest figure recorded for August since 2000.
The year-on-year inflation rate for August was recorded at 9.68%. This is nearly twice the Brazilian Central Bank's inflation target of 5.25%.
Accordingly, the possibility of an additional increase in the benchmark interest rate is considered high.
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The Brazilian Central Bank has raised the benchmark interest rate four consecutive times since March. The benchmark interest rate has risen from 2.00% in March to the current 5.25%.
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