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Friday, August 08, 2008

Brazil Annual Inflation Rises To 6.37% In June

Brazil's annual inflation accelerated slightly to 6.37 percent in July, inching closer to the 6.5 percent upper end of the central bank's tolerance range of 2 percent on either side of the 4.5 percent target.

Monthly inflation as measured by the benchmark IPCA index was 0.53 percent in July, down slightly from the 0.74 percent registered in June, according to the national statistics agency earlier today. Brazilian inflation slowed in July for a second consecutive month largely on moderating food prices, raising confidence that the central bank will manage to bring consumer prices back towards the target by next year.

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