Brazil's central bank calms inflation fears

BRAZIL - Arminio Fraga, the president of the Brazilian central bank, on Friday sought to alleviate concern over accelerating inflation after the consumer price index posted a 0.8 per cent increase in April. This brings the increase in consumer prices over the past 12 months to 8 per cent.

"We have to look forward instead of backward," Mr Fraga said.

Brazil has agreed with the International Monetary Fund to keep inflation to a maximum of 5.5 per cent. Last year Brazil missed its 6 per cent targe

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