February 7, 2013 / 2:11 PM / in 5 years

Brazil's Tombini says worried about inflation -O Globo

RIO DE JANEIRO, Feb 7 (Reuters) - Brazil’s central bank president Alexandre Tombini told the O Globo newspaper that he is not comfortable with the country’s consumer inflation, which in January hit its highest monthly rate in nearly eight years.

“Inflation worries us in the short term. It’s very resilient, but it’s not out of control,” Tombini said in an interview with O Globo financial journalist Miriam Leitao. “Despite that, we expect it to remain under pressure during the first half of the year, staying at 6 percent for the 12-month period,” he added.

Asked whether it was time for the central bank to adjust its monetary policy, Tombini said he is “paying attention to inflation.”

Brazil’s benchmark IPCA consumer price index rose 0.86 percent in January, fueled by food prices. In the 12 months through January, inflation rose to 6.15 percent, the highest reading in a year, and dangerously close to a the 6.5 percent ceiling of a government target.

The index had been expected to rise 0.84 percent, up from an increase of 0.79 percent in December, according to the median forecast of 31 economists surveyed by Reuters.

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