Brazil Maintains Inflation Target

Brazil’s National Monetary Council announced an inflation goal of 4.5 percent for 2007, unchanged from its target for this year and next. Brazilian policy makers are scaling back their push to lower inflation after surges in state-regulated prices such as electricity and telephone rates and bus fares hurt their efforts in previous years. Annual inflation slowed in the 12 months through June 13 to 7.7 percent from 8.1 percent in the 12 months through the end of May.