Brazil Inflation Rises To 4.23%, Highest In 4 Months

(RTTNews) - Brazil's consumer price inflation accelerated for the second successive month in June to the highest level in four months, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Wednesday.

The consumer price index climbed 4.23 percent year-over-year in June, faster than the 3.93 percent rise in May. Economists had expected inflation to rise to 4.35 percent.

Moreover, inflation remained above the central bank's target range of 3.0 percent.

The annual price growth in food and drinks accelerated to 4.71 percent in June from 3.56 percent in May. Similarly, transport charges grew at a faster pace of 4.56 percent.

On a monthly basis, consumer prices moved up 0.24 percent in June, following a 0.46 percent rise in the previous month. The expected increase was 0.32 percent.

The declaration of monthly inflation was largely attributed to a slower price rise in food and beverages.