Brazilian inflation accelerated in mid-September to push the country’s IPCA consumer price index above the country’s 12-month target ceiling. The IBGE statistics institute said inflation accelerated 0.39% during the month, pushing 12-month inflation to 6.62%. Brazil has set an annual inflation target of 4.5%, with a 2 percentage point margin of tolerance and a target ceiling of 6.5%. Rising food prices were responsible for a large part of the advance, rising 0.28% in the month, while costs of housing, clothing and education also rose sharply.  Brazilian officials have said they expect inflation to subside in the second half of this year under the impact of elevated interest rates. Brazil’s central bank raised the country’s base Selic interest rate more than 3 percentage points to 11% in 2013 and early 2014 as part of an effort to combat accelerated inflation. Recent central bank market surveys, however, show inflation is still likely to end 2014 at near the top end of the target range.