Weekly Report - 17 December 2015 (WR-15-50)

BRAZIL | Inflation. Brazil’s 12-month inflation rate rose to 10.4% for November, the highest level in 12 years since November 2003, when it reached 11.02% during the first year in office of former president Lula da Silva (2003-2011). The consumer price index rose 1.01% in November, according to the national statistics agency (Ibge). This higher-than-expected figure for consumer prices was driven by an increase in food and fuel prices. The high inflation rate will pressure the central bank monetary policy committee (Copom) to increase the Selic benchmark interest rate in its first 2016 meeting on 19-20 January.