The Broad Consumer Price Index (IPCA), the official national inflation gauge, closed out 2013 at 5.91%. The rate was above the target of 4.5% set by the government, according to a Friday (10) update by the Brazilian Geography and Statistics Institute (IBGE).

Official inflation in December was reported at 0.92% – well above November's 0.54%. It was the largest monthly IPCA measure since April 2003 (0.97%).

The inflation rate in 2013 was largely impacted by prices of food and beverages products and services, which saw an average increase of 8.48%. Food is a major cost driver, using up about 30% of household budgets.