LatinNews Daily - 12 January 2024

*Brazil’s national statistics institute (Ibge) has released the consumer price index (IPCA) for December, showing a monthly inflation rate of 0.56% and an annual rate of 4.62%. This compares to monthly inflation of 0.28% in November, when the annual rate stood at 4.68%. The annual figure falls within the central bank (BCB)’s target range of 3.25% +/-1.5 for 2023. Monthly inflation slowed each month from February-June, with June registering deflation of -0.8%. However, monthly inflation crept back up from July-December, with an increase in inflation every month except for October (0.24%, down from 0.26% in September). The rise in prices in December was mainly driven by food & drink, a category which registered inflation of 1.11%. All nine categories of products and services measured for the IPCA saw a rise in prices. In a press release, the Ibge attributed the rise in food prices to unfavourable climate conditions, such as heavy rains in various parts of the country.