30 C
Lagos

Cheaper food dampens Brazil’s inflation in November

Must Read

Partial COVID-19 Lockdown In Madrid As US Deaths Near 200,000

A million people in and around the Spanish capital on Monday were under new “stay-at-home” orders to...

We Must live Together As Brothers, Sisters – Buhari Tells Kaduna People

On Monday, President Muhammadu Buhari,urged the people of Kaduna State to cooperate with the government and security...

Federation of Akwa Ibom Women Lamented Non Appointment Of Justice Ikpeme As Chief Judge

Twenty days After the expiration of Acting Chief Justice of Cross River State, Justice Maurice Eneji, the...

Good news for Brazilians preparing those Christmas and New Year’s feasts: cheaper prices for beans and other food staples helped push inflation down again in November, the government said Friday. Inflation rose just 0.28 percent in the month, down from a 0.42 percent hike in October, the IBGE statistics office said. A poll of market analysts by Valor daily had expected a 0.35 percent rise.

The seventh consecutive fall in prices for food, down 0.38 percent in November, led the way in suppressing the overall index. Over the 12 months through November, the official IPCA price index rose 2.8 percent. Brazil is coming out of a long period of recession and strong inflation. The rapid fall in price rises has allowed the Central Bank to slash interest rates, cut to a record low of seven percent on Wednesday, or about half of what the key Selic rate was a year ago.

The 2.5 percent rise in the IPCA from January through November compared to 5.97 percent during the same 11 month period in 2016. The market consensus is for inflation to end the year at 3.03 percent. That’s right at the bottom end of the central bank’s three to six percentage target range, with 4.5 percent being the official bullseye. This compares drastically with 10.67 percent inflation in 2015 and 6.29 percent in 2016.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Partial COVID-19 Lockdown In Madrid As US Deaths Near 200,000

A million people in and around the Spanish capital on Monday were under new “stay-at-home” orders to...

We Must live Together As Brothers, Sisters – Buhari Tells Kaduna People

On Monday, President Muhammadu Buhari,urged the people of Kaduna State to cooperate with the government and security agencies to maintain peace and...

Federation of Akwa Ibom Women Lamented Non Appointment Of Justice Ikpeme As Chief Judge

Twenty days After the expiration of Acting Chief Justice of Cross River State, Justice Maurice Eneji, the Federation of Akwa Ibom Women...

Kenya ‘s Haji Orders Probe Of Coronavirus-linked Payments

Noordin Haji Kenya’s chief public prosecutor has ordered a probe into $71 million in Kenya coronavirus payments linked to the coronavirus...

I Was Optimistic APC Would Win Edo Election; I Don’t Know What Happened – El- Rufai

Kaduna State Governor, Nasir El-Rufai, said he was optimistic up to three weeks ago that his party, the All Progressives Congress, would...
- Advertisement -

More Articles Like This

- Advertisement -