sao paulobrazils inflation rate fell in july from june pulled down by tax cuts to fuels electricity and other items consumer prices fell 068 from june the biggest decline in the month since the current inflation series began in 1980 the brazilian institute of geography and statistics or ibge said tuesday prices rose 1007 from a year earlier the smallest increase this year in june prices rose 067 and increased 1189 from a year earlier brazils central bank last week raised its benchmark lending rate the selic by a halfpoint to 1375 as it struggles to bring inflation down the bank said it will consider another smaller rate increase at its meeting in september though the banks weekly survey of economists recently showed expectations are the bank will leave the selic unchanged through yearend brazils government in june passed a law limiting state taxes on items such as fuel and electricity which helped bring the inflation rate down in july transportation including gasoline and other fuels fell 451 the price of gasoline fell 1548 in the month and the price of diesel fuel declined 1138 the price of housing which includes electric rates fell 105 and the price of electricity declined 578