GPS News
TRADE WARS
Brazil inflation surges as drought bites
Brazil inflation surges as drought bites
by AFP Staff Writers
Rio De Janeiro (AFP) Oct 9, 2024

Inflation in Brazil climbed to 4.42 percent year-on-year in September as a severe drought in Latin America's biggest economy caused food and fuel prices to soar, official figures showed Wednesday.

The monthly increase of 0.44 percent in the consumer price index is the biggest for the month of September in three years, the Brazilian Institute of Geography and Statistics (IBGE) said.

In August, monthly inflation had fallen for the first time since June 2023, dipping by 0.02 percent, and year-on-year inflation had slowed to 4.24 percent.

The IBGE attributed the price rises in September to a surge in household electricity prices (+5.36 percent) and food prices (+0.5 percent), both linked to the worst drought in Brazil since records began in 1950.

BGE research director Andre Almeida said the low level of water in hydropower plants was the "main reason" for the electricity tariff hikes.

He added that the drought has also affected meat supply and led to longer intervals between harvests, affecting food prices.

Environmentalists have linked the drought, which has fueled the worst wildfire season in Brazil in years, to climate change.

At 4.42 percent Brazil's inflation rate is close to the upper limit of 4.5 percent targeted by the country's central bank.

The bank last month cited the stubbornly high inflation rate for its decision to raise its benchmark lending rate to 10.75 percent, its first rate hike in two years.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
China to outline fiscal policy as traders await action
Beijing (AFP) Oct 9, 2024
China's finance minister will hold a briefing this weekend focused on fiscal policy, authorities said Wednesday, as investors seek further action after a recent slew of measures aimed at reversing an economic slump. The news comes after traders on the mainland and in Hong Kong were left disappointed by a news conference Tuesday in which officials failed to unveil any new stimulus and provided scant detail on its plans for implementing the raft measures already flagged. Lan Fo'an will use Saturda ... read more

TRADE WARS
Breeder who tried to create enormous trophy sheep jailed in US

Champagne houses abuzz over English sparkling wine

Thai farm culls 125 crocodiles as floodwaters rise

Human urine shows potential as eco-friendly fertilizer for crops

TRADE WARS
Orbitronics could usher in energy-efficient tech with new material advances

UK govt buys semiconductor facility key to defence

Beijing slams reported US trade ban on cars with Chinese tech

A smoother way to study 'twistronics'

TRADE WARS
Russian jet buzzes U.S. fighter off Alaska in 'reckless, unprofessional maneuver'

EU recommends airlines avoid Lebanese, Israeli airspace

Taiwan says 29 more Chinese aircraft detected after one-day surge

Plane contrails: white fluffy contributors to global warming

TRADE WARS
Chinese electric car companies cope with European tariffs

Autonomous vehicles can be imperfect - As long as they're resilient

EU states plan Friday vote on Chinese EV tariffs

Beijing 'firmly opposes' US ban of Chinese tech from connected vehicles

TRADE WARS
EU chief says China must 'adapt its behaviour' to solve trade row

Brazil inflation surges as drought bites

Chinese shares drop on stimulus upset, Asia tracks Wall St higher

Hong Kong, Shanghai rally as most markets track Wall St record

TRADE WARS
From Bolivia to Indonesia, deforestation continues apace

Forests in New England may store more carbon than previously estimated

Researchers develop new method to track forest dieback through satellite imagery

'Crazy' tree planter greening Sao Paulo concrete jungle

TRADE WARS
Using satellite data to expand understanding of river flow dynamics

Artificial intelligence and satellite data advancing climate modeling

Satellite data fusion enhances early detection of convective clouds

Hurricanes, storms, typhoons... Is September wetter than usual?

TRADE WARS
New Technique Enables Mass Production of Metal Nanowires

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.