Brazil's annual inflation in June fell to its lowest level since September 2020, data from statistics agency IBGE showed on Tuesday, renewing bets that an interest rate cut is around the corner as consumer prices continue to trend down.
Annual inflation in Latin America's largest economy slowed to 3.16% in June from 3.94% in May, in line with aof 3.17%. Prices fell 0.08% on a month-on-month basis, the first deflation registered since September of last year.
Brazil's central bank has conducted one of the world's most aggressive tightening cycles since early 2021 in a bid to tame high inflation, with the key Selic rate at a six-year high of 13.75% since August 2022.With that work largely done, economists are pondering the size of the expected rate cut. Andrea Angelo, an economist at Warren Rena, was more certain of a 25-basis-point cut, saying the latest data on services inflation, closely watched by the central bank's monetary policy committee , were worse-than-expected.Local benchmark stock index Bovespa'STUBBORN GUY'
While slightly smaller than the 0.1% decrease expected by economists polled by Reuters, the reading matched the level the central bank itself had forecast for the month in a quarterly inflation report released in late June.
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