The official inflation rate, as gauged by the Broad National Consumer Price Index (IPCA), closed out October at a cumulative 9.93% in 12 months, the Brazilian Institute of Geography and Statistics (IBGE) reported today (Nov. 4). The rate is well above the 6.5% inflation target ceiling set for the year.

The IPCA was 0.82% in October this year, the highest rate for the month since 2002, when it reached 1.31%. It was also higher than in September this year (0.54%) and October 2014 (0.42%). From January to October, the cumulative rate reached 8.52%, the highest for the period since 1996 (8.7%).

The main inflation-driver in October was transport (up 1.72% from September), pushed up by an average 6.09% fuel hike.

Food prices were another significant contribution toward the overall inflation rate for the month, going up 0.77%.