Brazil Inflation Up

Brazil’s January inflation rose 0.59%, the highest rate since October and above economists’ average forecasts of 0.55%. Year on year the rate was barely unchanged against the 0.58% recorded for the same month in 2005. Last year Brazil saw consumer prices rise 5.69%, above the targeted 5.1%; the government is this year aiming for 4.5%. The government says inflation last month was driven by the rising price of gas and gas alternatives.