Brazil | Inflation peaked at 10.7% YoY in December

Summary

Inflation closed 2015 at 10.67% YoY, somewhat lower than expected, but well above the target range (2.5%-6.5%). After trending up last year, inflation will start to decline in January, due to lower (although still high) pressure from regulated prices. Inertia and the effect of a weaker currency cast doubt over the convergence of inflation to the target range in 2016.

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