Brazil's central banker confident of keeping inflation under control

11:00, June 05, 2010      

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Brazil's Central Bank President Henrique Meirelles expressed on Friday his confidence in keeping the country's inflation rate under control this year.

"We are confident that we will keep the inflation rate under control," said Meirelles, who is in South Korea for a meeting of G20 finance ministers and central bank governors.

The Brazilian government set an inflation target of 4.5 percent for 2010, with a tolerance of 2 percentage points, which means that the rate cannot exceed 6.5 percent.

In the first four months of the year, Brazil registered an inflation rate of 2.65 percent, up from 1.72 percent during the same period last year. In the May 2009 to April 2010 period, the inflation rate reached 5.26 percent.

The high inflation rate has been attributed to a stronger demand in the domestic market. In order to control the inflation rate, Brazil decided to raise the country's annual basic interest rate from 8.75 percent to 9.5 percent. It was the first rate hike since September 2008.

Source: Xinhua


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