Business
BRASILIA (AP):
Brazil's government says lower food and clothing costs are behind a drop in the inflation rate for Latin America's largest nation.
The government statistics agency, IBGE, says consumer prices rose 0.43 per cent in May, compared with 0.57 per cent in April. It is the lowest rate so far, this year.
The IBGE said Wednesday in a statement that annual inflation for the 12-month period ending in May is 5.22 per cent, compared with 5.26 per cent in the previous 12-month period.
The government's inflation target is 4.5 per cent.
The central bank is expected to raise its key interest rate later in the day to contain inflationary pressures in check. Last month, the central bank increased the interest rate from 8.75 per cent to 9.5 per cent.
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