Prices continued to heat up in Brazil in January, with the country posting an official monthly inflation rate of 1.27%, up from 0.96% in December. The 12-month inflation rate as of January was a sizzling 10.71%, up from 10.67% as of December. Food prices rose more than 2% in January on seasonal factors. Transportation costs rose nearly 2% on a series of annual public transport hikes. Brazil is commited to pulling inflation down to 4.5% but most economists are now predicting inflation of at least 7% this year.
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