Investing.com -- Brazil began the year with a slight decrease in inflation, as consumers benefited from one-time energy credits, which offered a short-term respite from rising price pressures.
The official figures released on Tuesday reveal that consumer prices increased by 4.56% compared to the same period last year, slightly below the 4.58% median estimate predicted by economists in a Bloomberg survey.
In terms of monthly growth, prices saw a rise of 0.16%.
The Central Bank of Brazil has plans to raise the benchmark Selic to 14.25% next month. This move, which represents the third consecutive full-point hike, is aimed at curbing prices.
Despite these efforts, the bank has found it challenging to make lasting strides in its battle against inflation, due to fluctuations in the Brazilian currency and robust household demand.
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