Brazil & Southern Cone - May 2013 (ISSN 1741-4431)

Inflation slowed down for the third consecutive month in April, according to the national statistics institute (INE). Inflation was 0.45% in April bringing 12-month rate to 8.14%, down from 8.54% in March. This suggests the threat of double-digit inflation is receding, although the government target of between 4% and 6% annual inflation for 2013 remains optimistic. The monetary policy committee of the central bank pushed the reference interest rate up to 9.25% last December but left this unchanged in March. Uruguay closed 2012 with inflation of 7.48%.