Brazil rules out relaxing inflation target

Brazil's central bank president Henrique Meirelles ruled out changing the 5.5 per cent inflation target set for this year, official news agency Agencia Brasil reported.

Under Brazil's inflation-targeting regime, the targets can be raised if the economy is hit by shocks on the supply side in order to allow the central bank to fight inflation over a longer period of time.

But, Meirelles said at a senate hearing, this is not the case now as the current supply side shock is not strong enough to

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