Brazil’s National Monetary Council set a generous inflation target of 4.5 percent for 2008, opening the way for lower interest rates and higher growth. It is the same as the target for 2007 and less than the 4.2 percent rate at which prices rose in the 12 months to May. The council, which is made up of the finance and planning ministers together with the governor of the central bank, said it wanted to avoid the mistake of setting the target too low. The council missed its target in 2001 and 2002 and raised the targets in 2003 and 2005 after realizing it could not hit them.
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