ISTANBUL - Brazil’s annual consumer inflation rate increased 3.99% in July, up from a 3.16% gain in June, according to official data released Friday. The figure came in slightly higher than the market expectation of a 3.93% increase. Price of gasoline was the largest contributor in July with an annual increase of 4.75%, the Brazilian Institute of Geography and Statistics (IBGE) said in a statement. On a monthly basis, the consumer price index rose 0.12%, accelerating from June when it showed a monthly decline of 0.08 per cent.The market expectation for the index was to show a 0.07% increase on a monthly basis. Brazil’s central bank last week lowered its interest rate by 50 basis points to 13.25% -- its first rate cut in three years. Banco Central Do Brasil last made a rate hike of 50 basis points last August, carrying the rate to 13.75%, the highest since early 2017, and significantly up from a record low of 2% in March 2021.