Brazil inflation crept upward in July, reaching the recent high of 8.99% year-on-year, which is roughly in-line with market forecasts.

The largest price increases were seen in fuels (41.30%), transportation (15.9%), food and drinks (13.25%), and household articles (12.21%). Electricity also increased by 20% year-on-year as one of the worst droughts in a century continues to sap reservoirs and decrease hydroelectric output. Hydro power accounts for 58.6% of Brazil’s total electricity generation.

The 8.99% inflation reading for July is more than double the 3.75% inflation target set by the Central Bank of Brazil.