Brazil inflation reaches highest level in 13 years

Rogerio Jelmayer – The Wall Street Journal, 01/08/2016

Consumer price inflation in Brazil increased last year to the highest rate in 13 years, despite the country’s economic contraction, underscoring one of the main challenges facing Latin America’s largest economy.

Brazil’s consumer-price index, known as the IPCA, rose 10.67% last year, compared with an increase of 6.41% in 2014, the Brazilian Institute of Geography and Statistics, or IBGE, said Friday. In December, the IPCA increased 0.96%, compared with a rise of 1.01% in November.

The annual inflation rate reached its highest level since 2002, when it was 12.53%. This marked the fourth time that consumer prices surpassed the tolerance band set by the central bank under its inflation target regime, which has been in place since 1999.

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