Brazil's government said that inflation in Latin America's biggest economy will exceed the official target this year and next. The central bank added that at the end of 2010 inflation will be at 5.9 percent, well above the yearly inflation target of 4.5 percent. In 2011 inflation is projected at 5 percent, according to AP. The bank said Wednesday it expected inflation to drop to 4.8 percent in 2012. Annual inflation for the 12-month period ending in November reached 5.63 percent. The bank also pointed that Brazil's gross domestic product is expected grow 7.3 percent this year and 4.5 percent in 2011. The growth led the central bank keep the country's benchmark interest rate at 10.75 percent to keep a lid on inflation.
