Brazil's central bank previously cut the rate by 50 basis points in January, November, October and September, after raising the Selic rate by 25 basis points to 12.50% at the June Copom meeting last year, which at the time amounted to total tightening for the year of 175 basis points. Brazil reported an annual inflation rate of 6.5% in December, compared to 7.31% in September, 7.23% in August, 6.87% in July, 6.71% in June, and 6.55% in May, and just outside the official inflation target of 4.50% +/-2% (2.5-6.5%).
The "BRIC" emerging market economy grew 0.3% q/q in the December quarter (0.0% in September, 0.7% in June, 0.8% in March), placing annual growth at 1.4% (2.1% in Q3, 3.1% in Q2, and 4.2% in Q1). The Brazilian Real (BRL) has weakened about 6% against the US dollar over the past year, while the USDBRL exchange rate last traded around 1.77
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