Brazil January Inflation at Fastest Pace in Nearly 12 Years

Brazil’s inflation in January accelerated to the fastest pace in nearly 12 years, as the central bank continues to raise rates in the world’s second-biggest emerging market. Swap rates rose.

Monthly inflation as measured by the benchmark IPCA index accelerated to 1.24 percent from 0.78 percent in December, the national statistics agency said today in Rio de Janeiro. That was below a median estimate for a 1.25 percent rise from 42 economists surveyed by Bloomberg. Annual inflation accelerated to 7.14 percent from 6.41 percent a month earlier, exceeding the target range.