Brasilia, Jan 11 (IANS): Brazil registered inflation of 5.79 per cent in 2022, lower than the 10.06 per cent seen in 2021, an official report said.

The report issued by he Brazilian Institute of Geography and Statistics (IBGE) said in December 2022, prices in the South American country rose 0.62 per cent, higher than the 0.41 per cent increase seen the previous month, but lower than the 0.73 per cent rise in December 2021, reports Xinhua news agency.

Nevertheless, inflation was higher than the government's target rate of 3.5 per cent, even with a margin of tolerance of 1.5 percentage points, making 2022 the fourth straight year that inflation went above the target rate.

According to the IBGE, the sector with the biggest impact on inflation last year was the food and beverage sector, followed by healthcare and personal expenses.

For 2023, the Central Bank of Brazil set an inflation target of 3.75 per cent, with a margin of tolerance of 1.5 percentage points, while the financial market expects inflation of 5.36 per cent, followed by 3.70 per cent inflation in 2024.