After food and beverage costs fell for the first time in more than two years, Brazil's consumer prices rose at the slowest pace in 11 months in August, Bloomberg News reports.

The August price increase as measured by the benchmark IPCA index was 0.28% , compared with 0.53% in July, the government's statistics agency said today in Rio de Janeiro. Annual inflation slowed to 6.17% from a three-year high of 6.37%.

Though falling commodity prices are helping drive Brazilian inflation lower, the relief may be temporary. With Latin America's largest economy growing at more than twice its annual average over the past decade, policy makers remain concerned that rising demand will stoke price increases.

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