Brazil’s inflation rate slowed in January, but still came in at the highest level for the month since 2016, the government said Wednesday, underlining the country’s struggles to stem surging prices.
The annual inflation rate came in at 10.38 percent, up from 10.06 percent at the end of last year and far above the central bank’s target of 3.5 percent. January’s price increases were led by a 1.11-percent rise in food prices, which hit the budgets of poor households especially hard. Brazil’s central bank has responded to the inflation spike by launching one of the most aggressive monetary tightening cycles in the world, raising the benchmark interest rate from an all-time low of two percent in March 2021 to 10.75 percent Wednesday.
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