Brazil inflation hits 12-year high

AFP, RIO DE JANEIRO:  Brazil's inflation rate rose to 12-year high, officials said Friday, as the world's seventh-largest economy continued to struggle through a protracted recession.
Driven by rising food prices, the annual inflation rate hit 10.71 per cent, the highest since November 2003 and well beyond the central bank's target ceiling of 6.5 per cent, said national statistics institute IBGE.
Meanwhile the monthly inflation rate was 1.27 per cent, the highest recorded for the month of January since 2003, it said.
The combination of spiraling prices and a contracting economy has put Brazilian policymakers in a jam.

Brazil inflation hits 12-year high

AFP, RIO DE JANEIRO: Brazils inflation rate rose to 12-year high, officials said Friday, as the worlds seventh-largest economy continued to struggle through a protracted recession. Driven by rising food prices, the annual inflation rate hit 10.71 per cent, the highest since November 2003 and well beyond the central banks target ceiling of 6.5 per cent, said national statistics institute IBGE. Meanwhile the monthly inflation rate was 1.27 per cent, the highest recorded for the month of January since 2003, it said. The combination of spiraling prices and a contracting economy has put Brazilian policymakers in a jam.