Brazil inflation slows to 4.64% in June

Brazil’s annual inflation slowed to 4.64 percent in June, official data showed Friday, helped by lower food and fuel prices.

The IBGE statistics agency said the rate eased from 4.72 percent in May, but remained above the upper target limit of 4.5 percent. Monthly inflation was 0.16 percent, down from 0.58 percent in May.

Food prices fell 0.24 percent in June, led by coffee, fruit and meat. Fuel costs declined 0.48 percent.

The data comes as President Luiz Inacio Lula da Silva seeks re-election in October, with the cost of living a key concern for voters.

Brazil’s central bank cut its benchmark interest rate for the third consecutive time in mid-June, but the rate remained at 14.25 percent. Lula has criticised high interest rates, arguing that they hold back growth.

The government extended fuel subsidies this week because of renewed hostilities between the United States and Iran.