Consumer prices rose in Brazil more than 1% in the month to mid-December as food prices soared, increasing the chances the central bank will raise interest rates next year despite a deep recession, Reuters reported. Brazil’s IPCA-15 consumer price index rose 1.18% in the month to mid-December, up from 0.85 the previous month, government statistics agency IBGE said on Friday. The index had been expected to rise 1.11%, according to the median forecast in a Reuters poll. In the 12 months through mid-December, consumer prices jumped 10.71%, the highest since November 2003 and up from 10.28% last month.
