Brazil’s industrial production rose by 0.7% for a second consecutive month in August, though was 5.4% lower than the same month in 2013, the IBGE statistics institute reported. With the latest result, industrial output is down 3.1% so far this year and down 1.8% in the past 12 months. Consumer goods output showed a decline in August, dropping 3%, while production of semi and non-durable goods was down 0.8%. Those declines were offset, however, by a 1.1% increase in production of industrial inputs and stable production of capital goods. Brazil’s industrial output has been adversely influenced this year by sluggish local economic activity and elevated interest rates. Brazil’s central bank through 2013 and early this year raised the country’s base Selic interest rate more than 3 percentage points to 11% as part of an effort to combat accelerated local inflation.