UPDATE 1-Brazil consumer prices rise 1.20% in mid-October, highest rate since 1995

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SAO PAULO, Oct 26 (Reuters) - Brazil’s IPCA-15 consumer price index rose 1.20% in the month to mid-October driven by higher fuel and electricity prices, government statistics agency IBGE said on Tuesday.

The index had been expected to rise 0.97%, according to the median forecast in a Reuters poll.

The result for mid-October was the highest for the month since 1995 and also marked the fastest monthly pace of increase for prices since February 2016, IBGE said.

Gasoline prices, for example, rose by 1.85% in the period. In the 12 months to mid-October, gasoline prices soared 40.44% driven by a weak currency and rising international oil prices, according to the latest data.

A severe drought also affected electricity prices in Latin America’s largest economy. According to the latest reading, electricity prices rose by almost 4% in the month to mid-October, IBGE said.

Reporting by Ana Mano Editing by Chizu Nomiyama