Brazil’s producer price inflation eased further in October to the lowest level in more than two years amid a sharp price drop in fertilizers and organic products, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Tuesday.
The producer price index for the extractive and transformation industries climbed 6.50 percent year-over-year in October, following a revised 9.84 percent rise in the previous month.
Further, this was the lowest inflation rate since June 2020, when prices had risen 6.38 percent.
On a monthly basis, producer prices dropped 0.85 percent in October versus a 1.89 percent decrease in September. This was the third successive monthly fall.
Due to the greater drop in fertilizer and organic product prices, the chemical industry contributed most to the slowdown in inflation.