Brazil Inflation Exceeds All Estimates at Beginning of Year

Brazil’s broadest measure of price increases accelerated more in January than all economists estimated, renewing pressure for the central bank to tighten monetary policy.

Wholesale, consumer and construction prices, as measured by the IGP-M index, rose 1.14 percent in January after a 0.49 percent advance in December, according to data that the Getulio Vargas Foundation, an education and research institution, released Thursday on its website.

That result was above all estimates from 27 economists surveyed by Bloomberg, whose median forecast was for a 0.99 percent increase. The index, which is weighted 60 percent in wholesale prices, rose 10.95 percent in the past 12 months -- its fastest level in almost five years.

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