Brazil on Friday posted monthly inflation for August of 0.44 percent, down from 0.52 percent as of July. Food and fuel costs stabilized in August but services costs were still rising, according to the Brazilian Census Bureau (IBGE). Twelve-month inflation rose as of August to 8.97 percent from 8.74 percent as of July but only because of a low basis of comparison from 2015. Brazil is still far from its goal of 4.5 percent inflation. According to the Central Bank, the goal can be reached by the end of 2017. The bank has hinted at interest rate cuts once the 12-month inflation rate begins to decline.
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