Brazil 12-Month Inflation Slowed to 3.77% in Mid-May

SÃO PAULO--Brazilian inflation continued to slow in the 12 months through mid-May as transport costs declined in the month.

The IPCA-15 measure of inflation rose 3.77% in the year through the middle of this month, from 4.41% in the year through mid-April. The index rose 0.24% in May from a month earlier, after rising 0.21% in the month through mid-April. Transport costs fell 0.4% in the month through mid-May.

Brazil's central bank started cutting its benchmark Selic interest rate last year after price increases began to slow. The continued decline in the annual inflation rate--to below the central bank's 12-month target of 4.5% in recent months--leaves the door open for more cuts at upcoming monetary policy meetings.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

May 23, 2017 08:36 ET (12:36 GMT)