Official inflation rises to 0.56% in October
Consumer price index IPCA, which serves to gauge Brazil’s official inflation, stood at 0.56 percent in October this year. The rate is higher than those observed in the previous month (0.44%) and in October 2023 (0.24%). The data were reported Friday (Nov. 8) by statistics bureau IBGE.
The result shows that the inflation reached 4.76 percent in 12 months, up from the 4.42 percent seen in September and above the ceiling of the inflation target (4.50%) set by the National Monetary Council for this year. In the first ten months of 2024, the IPCA was up 3.88 percent.
The rate in October was mainly driven by housing and food costs. Housing expenditure had prices climb by 1.49 percent, pulled up by higher electricity costs.
Food and beverages saw a price variation of 1.06 percent, boosted mainly by the rise in meat prices (5.81%).
Transport was the only group of expenses with deflation, -0,38 percent, influenced mainly by a drop in airline ticket prices (-11.50%).
