The benchmark IPCA inflation index rose 0.38% last month, accelerating from the 0.21% increase recorded in June and exceeding economists' forecasts for a monthly rise of 0.35%.

Consumer inflation in Brazil accelerated in July and came in slightly above expectations, boosted by rising gasoline and airline ticket prices, the national statistics agency IBGE said on Friday.

The benchmark IPCA inflation index rose 0.38% last month, IBGE said, accelerating from a 0.21% increase in June and beating economists' forecasts for a monthly rise of 0.35%, according to a Reuters poll.

Prices rose by 4.50% in the 12 months through July, compared with 4.23% in June and above the 4.47% forecast in the survey.

The upward surprise was mainly due to a 3.15% increase in gasoline costs, which had the biggest single impact on the overall index after state-owned oil giant Petrobras raised prices for the first time in almost a year.

Airfares also contributed to rising inflation, with a rise of 19.39% in July, according to IBGE.

The latest inflation data comes after Brazil's central bank said in the minutes of its monetary policy meeting on Tuesday that it will not hesitate to raise interest rates if necessary to bring inflation down to its 3% target.