Brazil's inflation rises past 10 per cent to six-year high

Brazil saw consumer prices rise by 10.06 per cent in 2021, the highest inflation in six years, according to estimates released on Tuesday by the national statistical institute.

"Inflation closed the year 2021 with a 10.06 per cent rise. This is the highest end-of-the-year rate since 2015 when it was 10.67 per cent," the Brazilian Institute of Geography and Statistics said in a statement.

Inflation ran at more than double the 2020 year's 4.5 per cent rate, far off the government's target of 3.75 per cent. It sped up by 0.95 per cent in November before the rise slowed down to 0.73 per cent in December.

All products and services were affected, although the largest price hike was reported in the transport sector (21.03 per cent), followed by housing (13.05 per cent ), and food and drinks (7.94 per cent). Transport costs were driven by a rise in fuel prices, according to Pedro Kislanov, the institute's manager in charge of inflation statistics. (ANI/Sputnik)

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor