Brazilian monthly inflation is on the rise again, posting a disappointing 0.52 percent rate in July, up from 0.35 percent in June, the Brazilian Census Bureau (IBGE) said Wednesday. Because of a low basis of comparison from 2015, the nation’s 12-month inflation rate dipped slightly as of July to 8.74 percent from 8.84 percent as of June. Food prices were the biggest problem in July, rising by 1.32 percent over June levels. Normally, Brazilian food prices stabilize at mid-year as the grain and oilseeds crop filters through the economy. However, this year Brazil’s grain and oilseeds crop has suffered a nearly 10 percent decline because of dry weather. Brazil’s Central Bank has set a target of 4.5 percent annual inflation by the end of 2017.
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