Brazil’s 12-month inflation rate has fallen below the 8.0 percent mark for the first time this year, the Brazilian Census Bureau (IBGE) said Wednesday. The 12-month rate as of October was 7.87 percent, down from 8.48 percent as of September. The decline came despite an uptick in monthly inflation, which advanced to 0.26 percent in October from a microscopic 0.08 percent in September. Food prices declined in nominal terms in October but fuel prices rose sharply. Economists are hoping that a reduction in gasoline and diesel fuel prices, announced Wednesday by Petrobras, will bring further relief on the inflation front in November. Annual inflation is still running well ahead of the government’s target for 2016, however, at 4.5 percent.
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