Brazilian inflation fell 0.09 percent in August compared to 0.33 percent in July, marking the lowest rate for August since 1998, said the Brazilian Institute of Geography and Statistics (IBGE) on Thursday.

The August figure marked the first fall in consumer prices since June 2017, when inflation dropped 0.23 percent.

Cumulative inflation for the first eight months of this year stayed at 2.85 percent.

The Central Bank of Brazil set an inflation goal of 4.5 percent for this year, with a margin of 1.5 percent above or below, while the IBGE reported inflation for the 12 months proceeding August was 4.19 percent.

The financial market on Monday forecast that this year's inflation rate would end with 4.16 percent.

According to the IBGE, general fall in goods prices in August was spurred by the food and beverage sector which saw a fall in prices for the second consecutive month.

Transport and fuel also witnessed decrease in prices, down 1.22 percent and 1.86 percent respectively.

However, the price of household goods rose 0.44 percent. Similarly, the price of health and personal care goods increased 0.53 percent.