Core Insights - The Brazilian Consumer Price Index (CPI) rose by 4.46% year-on-year and increased by 0.18% month-on-month in November, marking the first time since September 2024 that the annual inflation rate has fallen within the Brazilian Central Bank's target range of 1.5% to 4.5% [1] - Analysts suggest that the November inflation data is unlikely to lead to an interest rate cut in the upcoming central bank meeting, but there is a possibility of a rate cut in January next year [1] Category Summaries - The largest increases in consumer spending categories were observed in personal expenditures and housing, which rose by 0.77% and 0.52% respectively [1] - Price declines were noted in categories such as household goods, communications, health and personal care, as well as food and beverages [1]