XINHUA – Brazil ended 2024 with an inflation rate of 4.83 per cent, exceeding the target set by the National Monetary Council of three per cent as well as the upper limit of 4.5 per cent, the Brazilian Institute of Geography and Statistics (IBGE) said recently.
The Broad Consumer Price Index rose by 0.52 per cent in December last year, bringing the cumulative annual increase to 4.83 per cent, higher than the 4.62 per cent recorded in 2023, according to the IBGE report.
Prices across all nine categories measured by the IBGE saw increases last year. The food and beverages category registered the highest rise at 7.69 per cent, exerting the greatest impact on the index. The IBGE attributed this surge to “adverse weather conditions during various periods of the year in different regions of the country.”
Significant price hikes were also observed in health and personal care (6.09 per cent) and in transportation (3.30 per cent), contributing 0.81 per centage points and 0.69 per centage points respectively to the overall index.
For 2025, the National Monetary Council has maintained the inflation target of three per cent with an upper limit of 4.5 per cent. However, the financial market predicts a rate of 4.99 per cent.
