Brazilian inflation for the month of October weighed in at 0.45%, little changed from 0.48% in September, for a 12-month rate of 4.56%, the Brazilian Census Bureau (IBGE) said Wednesday. Twelve-month inflation as of September was 4.53%. The government’s target for inflation in 2018 is 4.5%, declining in 2019 to 4.25%. Inflation has remained stubbornly higher than the target in recent months because of persistent rises in food and fuel costs. In October, consumer goods also led the rise in prices, with services and housing lagging. Economists now expect 2018 to close out with inflation slightly above target. Stubborn inflation caused the Central Bank to stall interest rate cuts at mid-year. The base rate is currently 6.5%.
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