EFERio de Janeiro

Inflation in Brazil ended 2021 in double digits - at 10.06 percent - a situation not seen since 2015, when the rate climbed to 10.67 percent amid a deep economic recession.

The 2021 rate more than doubled the rate for 2020 (4.52 percent) and was well above the 3.75 percent target set by the Central Bank for the year, although the margin of tolerance had been established at 1.5 percent meaning that inflation could have risen to 5.25 percent without exceeding the target range.

The factors sending the rate up this past year were higher costs for fuel, especially gasoline, and electricity, both of which shot up due to the coronavirus pandemic and the energy crisis the country has been mired in due to the lack of rain.