Brazil's annual inflation eases

Inflation in Brazil eased to the slowest annual pace in 11 months, supporting the central bank view that consumer price pressures are under control and paving the way for more interest rate cuts. In the 12 months through January, consumer prices rose 6.22 percent, easing for the fourth month in a row. Brazil's central bank targets annual inflation within 2 percentage points of 4.5 percent.
Brazil's benchmark IPCA consumer price index rose 0.56 percent in January from December, government statistics agency IBGE said on Friday, virtually in line with the 0.55 percent increase forecast by 31 economists in a Reuters poll. Estimates ranged from a 0.47 percent increase to a 0.70 percent rise.