Inflation in Brazil rises by 0.62% in Dec, closes 2022 with 5.79% rise

12 Jan '23

1 min read

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Having risen 0.62 per cent in December, inflation in Brazil closed 2022 with a rise of 5.79 per cent, below 10.06 per cent registered in 2021, according to the Instituto Brasileiro de Geografia e Estatistica (IBGE). As a result, inflation stayed above the National Monetary Council target for the fourth time in a row—3.5 per cent last year, with a target ceiling of 5 per cent.

In the IBGE data released on the extended national consumer price index (IPCA), the highest change came from the group of apparel (18.02 per cent), which rose above 1 per cent in ten out of 12 months of the year.

In the apparel group, the prices of women’s apparel (21.35 per cent) and men’s apparel (20.77 per cent) rose above 20 per cent in the cumulative index in the year. The changes of kids apparel and of footwear and accessories stayed at 14.41 per cent and 16.83 per cent respectively, an IBGE press release said.

The price of cotton, one of the major raw materials in this sector, significantly rose between April 2020 and May 2022.

ALCHEMPro News Desk (DS)

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