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Brazil’s Central Bank Says It Will Miss Inflation Target in 2022

  • Campos Neto writes letter after CPI topped tolerance range
  • Inflation is seen converging back to target over 2022, 2023
Bottles of wine for sale at a grocery store in Rio de Janeiro on Dec. 17, 2021.

Bottles of wine for sale at a grocery store in Rio de Janeiro on Dec. 17, 2021.

Photographer: Dado Galdieri/Bloomberg

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Brazil’s central bank signaled inflation will end 2022 above target while saying a “significantly restrictive” cycle of interest rate hikes will help pull cost of living increases below 5%.