Brazilian president vows to fight rising inflation rate

14:09, April 26, 2011      

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Brazilian President Dilma Rousseff Monday voiced her concerns over the rising inflation rate over the past months in the country, saying the government will tackle it.

"All our attention will be turned to the fight against the inflation rise," Rousseff said.

In the first three months of 2011, Brazil reported its inflation rate at 2.44 percent, which rose significantly from 2.06 percent in the same period last year.

The Brazilian government has set a target to contain the country's inflation rate at a range of 4.5 to 6.5 percent in 2011.

In order to bring down the inflation rate, Brazilian Central Bank's Monetary Policy Committee has already raised Brazil's annual basic interest rate for three times. The interest rate in the country has risen from 10.75 to 12 percent this year.

The government also took other measures to halt the appreciation of the Brazilian Real over U.S. dollar, including increasing the taxes over short-term foreign investments.

Source: Xinhua
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