Brazil's IPCA-15, a preliminary inflation indicator, rose by 0.26% in June 2025, marking a slowdown from the 0.36% increase recorded in May, according to data released by the Brazilian Institute of Geography and Statistics (IBGE). This deceleration was influenced notably by a 1.08% rise in housing costs and a decline in food prices, which fell for the first time in ten months. The June figure was below the median market estimate of 0.31%. Meanwhile, Brazil's Focus report indicated that the market has lowered its inflation forecast for 2025 to 5.18%, down from 5.20%, while slightly raising the GDP growth projection to 2.23% from 2.21%. The projections for 2026 remain stable or slightly adjusted, with inflation expected at 4.50% and GDP at 1.86%. In Mexico, annual inflation eased to 4.32% in June 2025, down from 4.42% in May, according to data from the National Institute of Statistics and Geography (INEGI). This marks a break in four consecutive months of rising inflation. The slowdown was driven by lower prices in fruits, vegetables, energy, and government-authorized tariffs, although core inflation pressures persist. Producer inflation in Mexico also declined for the fourth consecutive month to 4.89% in June from 6.38% in May. Despite the easing, inflation remains above the target set by the Bank of Mexico, complicating the outlook for monetary policy and domestic consumption.