Brazil Inflation Speeds Up and Hurts Hopes of Another Interest Rate Cut

Brazil’s annual inflation picked up more than expected in May, snapping a seven-month streak of cooling prices as policymakers prepare to set their interest rate at next week’s meeting.

Official data released Tuesday showed prices increased 3.93% in May from a year earlier, above the 3.88% median estimate from analysts in a Bloomberg survey. Inflation stood at 0.46% on the month.