MercoPress. South Atlantic News Agency
February inflation in Brazil at 7.7% is at its highest level since May 2005
The figures highlighted the spiraling cost of education, transport and housing. Inflation jumped in Brazil on February with price increases hitting an annual rate of 7.7%, the highest in nearly nine years, officials said on Friday. The national statistics institute IBGE said prices rose 1.22% in February, pushing inflation well above the government's target ceiling of 6.5%.
“Over the past 12 months the figure is 7.7%, the highest since May 2005, which reached 8.05%,” said IBGE.
The figures highlighted the spiraling cost of education, transport and housing.
Prices rose 6.41% across 2014, the highest annual figure since 2011, and the latest data show the trend continuing apace. Already for January and February the cumulative rise is 2.48%, double last year's figure for the first two months.
Brazil's central bank Wednesday again raised its key interest rate, by 0.5 points to 12.75% amid forecasts for feeble growth through this year.
Finance Minister Joaquim Levy expects official figures due later this month to show GDP was in negative territory last year. Analysts predict a 0.58% contraction.
Brazil's populist president Dilma Rousseff, saddled with a burgeoning corruption scandal at Petrobras since her re-election in October, has responded to the downturn with budget cuts while promising to protect social programs for the working class, bedrock of support for her Workers Party.
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Read all commentsIt's all going swimmingly, glug, glug (except where there is no water)!
Mar 07th, 2015 - 07:45 pm 0This is what corruption in every level of the government and the monopolies is leading to: A ten year backward step for country.
What justification now to have a permanent seat on the UNSC?
Banana republic more like.
I wonder when the military will take over: when, not if?
2015 will be the year that a lot of ignorant PT voters will reassess their preferences......I hope they all get drowned in inflation...it's a bloody laugh !!
Mar 07th, 2015 - 10:59 pm 0The military , through several high-ranking Generals (active, as well as retired) have been voicing their opinions publicly , contrary to the PT philosophy....they will be the final guarantee that these damned petistas don't screw the country completely.
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