Brazil: Inflation climbs to 12-year high
December 9, 2015
Consumer prices in November increased 1.01% over the previous month. The print was above the 0.82% increase recorded in October and overshot market expectations of a 0.95% rise. The monthly result was mainly driven by higher prices for food and beverages as well as for clothing.
Inflation in November climbed from October’s 9.9% to 10.5% in November, which marked the highest figure since November 2003. As a result, inflation remains far above the Central Bank’s tolerance margin of plus/minus 2.0 percentage points around 4.5%. Inflationary pressures have risen dramatically since the beginning of the year despite a number of hikes in the Central Bank’s SELIC interest rate and the economy being in recession.