Annual inflation in Brazil declines to 5.84 percent in 2012, statistics agency says

BRASILIA, Brazil – Brazilian officials say inflation for 2012 declined but is still above the government's target.

The government's statistics bureau says annual inflation hit 5.84 percent last year. That's lower than 2011's 6.5 percent rate but higher than the target of 4.5 percent.

In a statement Thursday, Central Bank head Alexandre Tombini said prices of basic agricultural goods pushed the 2012 rate higher during the second half of the year. Food and drink were up 9.86 percent last year, personal expenses rose by 10.17 percent and education costs were up 7.78 percent.

Tombini says inflation appears to be on a downward trend for 2013. Central Bank forecasts have annual inflation reaching the targeted 4.5 percent in 2014.