Brazil registered an inflation rate of 6.29 percent in 2016, the lowest rate since 2013 and significantly lower rate than the 10.67 percent reached in 2015, the country’s official statistics agency IBGE announced on Wednesday.
President Michel Temer greeted the news as endorsing his policies, and predicted that 2017 will see inflation land right on target, at 4.5 percent.
The figure means “the government is following a right and proper path, getting positive results,” said Temer.
“Every forecast for this year suggests that inflation will continue to be reduced until, eventually, it reaches the target center,” he added.
According to the IBGE, last year’s inflationary factors included the price of food products rising an average of 8.62 percent. Healthcare and personal care costs also registered a significant price hike of 11.04 percent.
Private health insurance prices rose 13.55 percent in the year. Transportation prices rose 4.22 percent, considerably lower than the 10.16 percent rise registered in 2015. In the education sector, the average price rise was 9.12 percent, while in the housing sector prices increased 2.85 percent, again notably lower than that in 2015, when they rose by 18.3 percent. Enditem