The Selic rate is the Central Bank's main instrument for keeping official inflation under control, as gauged by the Broad National Consumer Price Index.
The adjustment to BRL 1,412 is based on the 3.85 percent inflation rate, as measured by the National Consumer Price Index (INPC) over the 12 months ending in November.
In the view of economist Gilberto Braga, the figures show the success of the macroeconomic policy of the government and the Central Bank’s Monetary Policy Committee.
The Selic rate is the Central Bank's main instrument for keeping official inflation under control, as measured by the Broad National Consumer Price Index (IPCA).
Of the nine groups of products and services surveyed by IBGE, six saw an increase in prices. Chief among them was food and beverages, which rose by 0.63 percent—more than double the figure for October (0.31%).