ISTANBUL

Brazil's consumer inflation slowed down in June on a monthly basis, according to figures released Wednesday by the Brazilian Institute of Geography and Statistics (IBGE).

Consumer inflation monthly increased 0.21%, slowing down from a 0.46% month-on-month rise recorded last month.

The figure also managed to came in lower than market estimates of 0.32%.

The health and personal care group showed an increase of 0.54%, while food and beverages rose 0.44%, but transportation declined 0.19%, IBGE said in a statement.

On an annual basis, however, consumer price index rose 4.23% in June, accelerating from a 3.93% increase in May.

That figure also managed to came in lower than market expectations of a 4.35% year-on-year gain.

Brazil’s central bank on May 8 lowered its benchmark interest rate by 25 basis points to 10.50%, its seventh consecutive rate cut and the lowest level since February 2022.

Banco Central do Brasil on June 19 kept its benchmark interest rate unchanged at 10.50%.

Its next two-day meeting will conclude on July 31.