Brazil is still feeling effects of a long truckers’ strike in May, according to the Brazilian Census Bureau (IBGE), which released July inflation data Wednesday, showing 0.33% monthly inflation and a 12-month rate of 4.48%. Inflation ended 2017 at 2.94%. The 12-month rate as of June was 4.39%. The truck strike caused food and fuel prices to spike in June, with continued effects in July. IBGE economists said August inflation is likely to be tame, with annual inflation for the year likely to weigh in within a range of 4.0% to 4.5%. Brazil’s official inflation target for 2018 is 4.5%. The 11-day truck strike caused shortages in food, fuel and a wide range of consumer goods. The strike ended on a government promise to install fuel subsidies.
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