Brazil Inflation Comes in Above Forecasts, Keeping Pressure on Central Bank

Brazil's annual inflation slowed less than expected in early December, coming in at 4.72% year-over-year
The reading was above all economist forecasts, highlighting challenges for Brazil's central bank
Transportation costs and food/beverage prices rose on a monthly basis, explaining part of the surprise
Investors are betting central bankers will need higher rates to rein in inflation going forward
Analysts still think Brazil will meet its year-end inflation target, but price pressures continue into 2023