Key Facts
—The signal. Brazil’s mid-month inflation gauge rose 0.41 percent in early June, a second straight monthly slowdown and below what economists expected.
—The rate. The central bank has cut its benchmark Selic rate to 14.25 percent, a third straight quarter-point reduction.
—The level. Annual inflation was running near 4.7 percent in May, still above the central bank’s 3 percent target.
—The driver. Cooler transport costs offset food and housing, easing the pressure that Middle East oil had added earlier in the year.
