Brazil registered inflation of 5.79 percent in 2022, lower than the 10.06 percent seen in 2021, the Brazilian Institute of Geography and Statistics (IBGE) said Tuesday, Trend reports citing Xinhua.
In December, prices in the South American country rose 0.62 percent, higher than the 0.41 percent increase seen the previous month, but lower than the 0.73 percent rise in December 2021, the institute said in a report.
Nevertheless, inflation was higher than the government's target rate of 3.5 percent, even with a margin of tolerance of 1.5 percentage points, making 2022 the fourth straight year that inflation went above the target rate.
According to the IBGE, the sector with the biggest impact on inflation last year was the food and beverage sector, followed by healthcare and personal expenses.
For 2023, the Central Bank of Brazil set an inflation target of 3.75 percent, with a margin of tolerance of 1.5 percentage points, while the financial market expects inflation of 5.36 percent, followed by 3.70 percent inflation in 2024.