Brasilia — Brazil’s annual inflation rate fell in April to its lowest level in nearly 10 years, bolstering the view of a steep interest rate cut by the central bank at the end of this month. Consumer prices rose 4.08% in the 12 months through April, slightly below market forecasts for a 4.10% increase and compared with an increase of 4.57% in the year to March, the national statistics bureau IBGE said on Wednesday. It marked the lowest annual inflation rate in Brazil since July 2007. It was also below the government target of 4.5 percent. In the month of April, consumer prices edged up 0.14 percent compared with a 0.25% rise in March, the IBGE said. Annual inflation has tumbled rapidly from a 12-year peak of 10.7% in January 2016 as the worst recession on record in Brazil caused massive unemployment and reduced consumer demand. As inflationary pressures have eased, the central bank has steadily reduced its benchmark interest rate from 14.25 percent last October. Last month, the bank...
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