(RTTNews) - Brazil's annual inflation accelerated more than expected in August, data released by statistical office IBGE showed Tuesday.
The national consumer price index increased 7.23 percent annually in August, faster than the 7.20 percent growth economists expected. In July, the rate of growth was 6.87 percent. The latest reading was the highest since June 2005, when the figure was 7.27 percent.
Month-on-month, consumer prices rose 0.37 percent during the month, after rising 0.16 percent in July. Economists were looking for a 0.36 percent monthly growth.
The faster growth in the monthly index was positively influenced by higher food prices, housing costs and prices of clothing items, the agency said.
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