Brazil inflation rate hits 12-year high

Inflation in Brazil has hit a 12-year high of 9.56%.

The rising cost of electricity, in particular, has pushed the rate to its highest level since November 2003.

The country’s central bank targets an inflation rate of 4.5% and has raised interest rates to 14.25% – among the highest of major economies – to combat rising prices.

High inflation is compounding Brazil’s economic woes.