Brazil November inflation unexpectedly faster on airfares, fuel

Brazil's inflation accelerated more than expected in November after transportation and electricity prices spiked, suggesting the central bank ran out of leeway to further cut borrowing costs.

The index had been expected to rise 0.50 percent, according to the median forecast. The IPCA rose 0.59 percent in October. In the 12 months through November, inflation quickened to 5.53 percent compared with a rise of 5.45 percent in the 12 months through October.

The government targets inflation at 4.5 percent, with a

tolerance margin of plus or minus 2 percentage points.