Brazil’s National Monetary Council on Wednesday night reduced the nation’s inflation target to 4.25% for 2019 and 4.0% for 2020. The current inflation target is 4.5%, a level maintained over the past decade. Brazil has been practicing inflation targeting since 1999. Inflation this year is likely to fall below the 4.5% target for the first time since 2007. Comparatively low inflation underpinned the government’s decision to seek lower targets in 2019 and 2020. The target is maintained through fiscal and monetary policies designed to rein in price rises. Brazil’s inflation target will remain at 4.5% in 2018.
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