Brazil IGP-DI Inflation Rises 0.78% in April

The reading came in just above economists' consensus forecast of 0.75 percent and reversed the negative 1.30 percent rate from the previous month. On a monthly basis the index rose 2.41 percent in April.

The figure matched the median estimate and accelerated from a 1.14 percent gain recorded in March. The IGP-DI is a broad price measure that tracks inflation at different stages of the production chain. It is compiled from wholesale, consumer, and construction price surveys and is often used as an early gauge of inflationary trends in Brazil.

The latest data indicate that price pressures have resumed after a period of negative year-over-year readings. Market participants monitor the index for signals on potential shifts in monetary policy by Brazil's central bank. Further inflation reports and central bank statements are expected in coming weeks as officials assess the trajectory of consumer prices.