Brazil's annual consumer inflation slows in January

ISTANBUL

Gain in Brazil's annual consumer inflation rate slowed down in January, according to official data released on Thursday.

The consumer price index rose 5.77% in January year-on-year, coming below the market expectations of a 5.8% increase, and slowing down from an annual gain of 5.79% recorded in December.

On a monthly basis, the consumer price index increased by 0.53%, the Brazilian Institute of Geography and Statistics (IBGE) said in a statement.

While the market estimate for the monthly figure was to show a gain of 0.57% in January, consumer prices rose 0.62% in December.