Inflation in Brazil rose to the highest level since 2014

Data today showed that inflation in Brazil rose to 5.2% during the month of February, and on an annual basis, inflation in Latin America's largest economy rose to 28.6%, both of which are the highest levels since the start of the IBEX Census data series in January 2014.

Mining costs rose 27.9% in February, year-on-year mining increased 87.6% in the twelve months to February, and oil refining and alcohol production costs rose 12.1% during February. The central bank in Brazil raised interest rates by 75 basis points to 2.75%, the first increase in six years and the largest in more than a decade because expectations of consumer price inflation rise above the central bank's end-of-year target of 3.75%.