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29/06/2017 - 15:42hs

Government lowers inflation target after 14 years

The National Monetary Council has set a 4.25% target for 2019 and a 4% one for 2020. The rate pursued by the federal administration had been 4.5% since 2003.

Brasília – Brazil’s National Monetary Council (Conselho Monetário Nacional - CMN) has set inflation targets of 4.25% for 2019 and 4% for 2020. The news was made public this Thursday (29) by the ministers of Finance, Henrique Meirelles, and of Planning, Dyogo de Oliveira, and by Central Bank governor Ilan Goldfajn, who make up the council.

This comes as the first lowering of the target since 2003, when the CMN had set a 4.5% target for 2005. The rate had remained the same ever since. Meirelles said the new targets are in line with expectations from market players. He said “prices converge naturally” toward inflation target levels.

*Translated by Gabriel Pomerancblum

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