Brazil's IGP-M price index rises 0.38 pct in Nov

Thu Nov 27, 2008 5:08am EST
SAO PAULO, Nov 27 (Reuters) - Brazil's broadest inflation measure, the IGP-M index , rose 0.38 percent in November after a 0.98 percent jump the previous month, data showed on Thursday.
The wholesale-heavy index, released by the Getulio Vargas Foundation, was expected to climb 0.46 percent in November, according to the median forecast of 20 economists surveyed by Reuters. Estimates ranged from 0.34 percent to 0.58 percent.
The wholesale price component, which accounts for 60 percent of the overall weighting, rose 0.30 percent after surging 1.24 percent in October.
The consumer price component, which has a 30 percent weighting in the index, jumped 0.52 percent following a 0.25 percent increase last month.
The construction component, with about a 10 percent weighting, rose 0.65 percent following a 0.85 percent increase in October.
The IGP-M is used to adjust prices of rent and some utility contracts annually. The index has clocked a cumulative rise of 9.95 percent since the start of the year and 11.88 percent in the 12 months through November. (Reporting by Renato Andrade; Editing by Mike Nesbit)