Brazilian inflation picked up in October from a year earlier, the second consecutive increase, as housing prices increased.
The country's consumer price index rose 2.7% in the month compared with October 2016, and increased 0.42% from September. In September, the year-on-year increase was 2.54%.
The cost of housing rose 1.33% in October from the previous month, and clothing prices increased 0.71% in the same period. Food prices fell 0.05% in the month.
Even with the faster rate of 12-month inflation in October, price increases are still slower than the central bank's target of 4.5%, with a tolerance range of 1.5% in either direction. The bank cut its benchmark interest rate, the Selic, to 7.5% at the end of October and indicated there could be at least one more cut in the current cycle.
Write to Jeffrey T. Lewis at firstname.lastname@example.org
(END) Dow Jones Newswires
November 10, 2017 06:36 ET (11:36 GMT)