Brazil sticks to 5.5 % inflation target

Brazil's central bank continues to target inflation of 5.5 percent this year despite the rising cost of oil and market expectations that consumer prices will rise, the bank's president said on Wednesday 26 May .

"Our line of action continues to expect and chase after the center" of the target, said Central Bank President Henrique Meirelles.

The bank has an inflation target for 2004 of 5.5 percent as measured by the IPCA consumer price index. It has a margin of error of 2.5 percentage points, m