Reuters: US Dollar Report: Brazil's Sao Paulo inflation slows sharply in February

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Brazil's Sao Paulo inflation slows sharply in February Mar 4th 2013, 12:31 Tweet Share this Email Print Related Topics Currencies » Markets » Financials » Mon Mar 4, 2013 7:31am EST * IPC-FIPE index rises 0.22 percent in February * IPC seen as early preview of benchmark index SAO PAULO, March 4 (Reuters) - Inflation in Sao Paulo, Brazil's most populous city, slowed sharply in February as increases in food costs eased, offering hope that a recent spike in consumer prices could lose steam, an economic research institute said on Monday. The IPC-FIPE index rose 0.22 percent last month, down from a gain of 1.15 percent in January, according to the University of Sao Paulo's FIPE research institute. The index was expected to rise 0.33 percent in February, according to the median forecast of six economists. Food prices rose 0.34 percent, down from an increase of 2.11 percent in January. Housing costs dropped 0.21 percent, after a rise of 0.35 percent in January, on lower electricity costs. Economists see the FIPE index as an early gauge of Brazil's benchmark IPCA inflation index, which the central bank targets when setting interest rates. Brazil's 12-month inflation rate rose above 6 percent in January, near the 6.5 percent ceiling of the central bank target range. That has raised prospects of an increase in interest rates later this year, according to a Reuters poll. Brazil's statistics agency IBGE will release February's IPCA index on Friday. The IPC-FIPE measures inflation within the boundaries of the city of Sao Paulo and does not include prices in the wider metropolitan area. Below are the results for the FIPE index price categories: =============================================================== Item February January =============================================================== - Housing -0.21 pct 0.35 pct - Food 0.34 pct 2.11 pct - Transportation 0.84 pct 0.23 pct - Personal care -0.10 pct 2.42 pct - Health 0.58 pct 0.41 pct - Clothing 0.36 pct -0.33 pct - Education 0.27 pct 6.08 pct ================================================================ - INDEX 0.22 pct 1.15 pct Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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