Brazil’s inflation climbs to 8% despite rate hikes

Brazil's central bank governor, Alexandre Tombini

Prices in Brazil jumped 1.32% in March, the biggest monthly rise in 12 years, lifting annual CPI inflation in Latin America's largest economy to 8.13%, despite the central bank's best efforts.

The monthly rise was the highest since February 2003, the Brazilian national statistics institute (IBGE) said yesterday, confirming an inflationary trend that continues to run well ahead of the Central Bank of Brazil's target ceiling of 6.5%.

Since the beginning of the year, the central bank has hiked the

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