Inflation in Brazil continued to slow down in early May, data from statistics agency IBGE showed on Thursday, in a move that surprised markets and is likely to put more pressure on the central bank to lower interest rates.
The local IPCA-15 consumer price index reached 4.07% in the 12 months to mid-may, decelerating from 4.16% in the previous month and hitting its lowest level since October 2020, according to IBGE.
Economists polled by Reuters had forecast consumer prices to accelerate to 4.20% in the month.
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