The IPCA-15 consumer price index — seen as a reliable predictor of Brazil’s official inflation rate — came in at 0.89 percent in August, according to the Brazilian Institute of Geography and Statistics (IBGE). It was the highest rate for the month since 2002, when it hit 1 percent.
IPCA-15 has risen 5.81 percent so far in 2021, while growing 9.3 percent over the last 12 months. The numbers exceed the 3.75 percent inflation target established by Brazil’s Central Bank for this year.
The rise came in above market expectations, largely pushed by a 5-percent increase in electricity bills.