The benchmark Brazilian inflation index for rent and power supply contracts, the IGP-M, rose 1.87% in May on a monthly basis, accelerating from the 1.38% recorded in May, according to Funda??o Getulio Vargas (FGV). Analysts expected a 1.79% increase.
On a 12-month basis, the IGP-M rose 6.92%, also beating market estimates of a 6.84% increase.
IGP-M is used to adjust, along with other parameters, electric power supply contracts.