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"RIO DE JANEIRO–An upturn in Brazil's August inflation rate and prospects for growing price pressures through the end of 2011 have raised questions about the wisdom of the Brazilian Central Bank's surprise decision last week to cut interest rates.

A jump in food prices, which reversed a two-month decline, as well as higher prices in the services sector pushed the rolling 12-month inflation rate in August to 7.23%, the highest since June 2005 and well above the ceiling of the government's official year-end target of around 4.5%.

Despite continued price pressures in Latin America's largest economy, the Brazilian Central Bank shifted course at its meeting last week to cut interest rates because of concerns about global economic growth. "

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