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RIO DE JANEIRO, BRAZIL - With a 1.35% rise in December, largely driven by higher electricity bills, the Broad Consumer Price Index (IPCA), the country's official inflation indicator, closed 2020 up 4.52%, the highest since 2016.

The result, announced this Tuesday, January 12th, by the Brazilian Institute of Geography and Statistics (IBGE), was over the 4.0% target pursued by the Central Bank (BC), with a tolerance margin of 1.5 points plus or minus. In the year marked by Covid-19, food prices set the tone.

When the pandemic hit the economy, causing a global recession, the . . .

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