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Mantega Says Brazil Inflation Peaked at 6.51% in April

Brazil’s Finance Minister Guido Mantega said inflation has peaked after a report showed the benchmark consumer price index in April exceeded the upper limit of the government’s target range for the first time since 2005.

Prices, as measured by the IPCA index, rose 6.51 percent in April from the same month a year earlier, up from 6.30 percent in March, the national statistics agency said today in a report distributed in Rio de Janeiro. By year-end, the annual rate will be below 6.5 percent, the high end of the government’s target range, Mantega told reporters in Brasilia today.