Brazil’s inflation hits 6.64 percent

By IANS,

Rio De Janeiro : Brazil’s 12-month inflation reached 6.64 percent in November, much higher than the 4.5-percent target, the country’s statistics agency IBGE announced Thursday.

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Over the first 11 months of the year, inflation reached 5.97 percent, reported Xinhua.

Citing its price indicators, the agency said it hopes several tax cuts recently announced by the government could help bring inflation down in December.

Inflation in 2010 was 5.91 percent, the highest since 2004.

The Brazilian government says the economy would grow 3.2 percent in 2011, compared with 7.5 percent in 2010.