BRASILIA: A government-sponsored increase in fuel prices probably kept Brazil's inflation rate above the official target in mid-November, a Reuters poll showed on Monday.
Consumer prices advanced 6.54 percent in the 12 months through mid-November, easing from a rise of 6.62 percent one month before but still above the 6.5 percent ceiling of the central bank's target, according to the median of 22 market forecasts for the IPCA-15 inflation index.
When compared with mid-October, consumer prices probably rose 0.48 percent, the same rate of increase of a month earlier, according to the median of 28 estimates.
Mid-November inflation results will be published on Wednesday at 9 a.m. (1100 GMT).
Brazil's inflation rate has climbed, mostly because of hefty government spending and a still-tight labor market, even as the economy has slowed considerably this year. The central bank, at risk of missing its year-end target for the first time in a decade, is expected to raise interest rates through this year and next.
Economists said the mid-November inflation figure would also reflect a small increase in fuel prices by state-run Petr?leo Brasileiro SA. Petrobras, as the company is commonly known, raised wholesale gasoline and diesel prices for the first time in nearly a year earlier this month.
Food prices also rose more quickly in the month, according to Credit Suisse and Itau Unibanco estimates.
Forecasts for the monthly price change ranged from 0.41 to 0.61 percent. Estimates for the 12-month rate varied from 6.45 to 6.66 percent.
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