Brazil's inflation slows to 4.44% in July due to falling food prices

Brazil's annual inflation rate decelerated to 4.44% in July, falling from 4.64% recorded in the previous month, according to data released by the Brazilian Institute of Geography and Statistics (IBGE). On a monthly basis, the Consumer Price Index (IPCA) stood at 0.07%.

The slowdown in July was primarily driven by a drop in food prices, which allowed the inflation rate to reach its lowest level in the past eleven months.