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Brazil inflation hits 3.75% in 2018, below central bank target

Brazil's inflation hit 3.75% in 2018, below the middle of the central bank's target range of between 3% and 6% for the year, according to government statistics agency IBGE.

A slow economic recovery, the decline in fuel prices and lower food prices contributed to last year's inflation results, IBGE said. This is the second year that inflation was below the target of the central bank.

In December 2018 alone, the IPCA inflation index was at 0.15%, the lowest recorded for the month since the implementation of Brazil's Plano Real inflation measure in 1994. The indicator recorded a deflation of 0.21% in November 2018.

The monthly level was mainly driven by food and beverages, which grew 0.44%. Housing and transportation, meanwhile, declined 0.15% and 0.54%, respectively.