Brazil’s IPCA index of consumer prices climbed more than predicted in July, with annual inflation reaching 3.99%.

The central bank began a monetary easing cycle earlier this month, holding its benchmark interest rate at 13.75% for nearly a year.

However, experts don’t anticipate the central bank to modify its rate decreases.

The jump in Brazilian inflation last month won’t stop Copom from lowering interest rates at its September meeting.

Rising fuel prices drove July inflation, while food and housing costs fell.

Annual inflation remains within the central bank’s goal range of 1.75% to 4.75% for this year.