Annual inflation in Latin America's largest economy slowed to 3.16% in June from 3.94% in May, in line with aof 3.17%. Prices fell 0.08% on a month-on-month basis, the first deflation registered since September of last year.
Brazil's central bank has conducted one of the world's most aggressive tightening cycles since early 2021 in a bid to tame high inflation, with the key Selic rate at a six-year high of 13.75% since August 2022.With that work largely done, economists are pondering the size of the expected rate cut. Andrea Angelo, an economist at Warren Rena, was more certain of a 25-basis-point cut, saying the latest data on services inflation, closely watched by the central bank's monetary policy committee , were worse-than-expected.Local benchmark stock index Bovespa'STUBBORN GUY'
While slightly smaller than the 0.1% decrease expected by economists polled by Reuters, the reading matched the level the central bank itself had forecast for the month in a quarterly inflation report released in late June.
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