Renting an apartment in coveted areas of Rio has become more expensive than in Oslo, the capital of oil-rich Norway. Before the protests, soaring prices for basic foods like tomatoes prompted parodies of President Dilma Rousseff and her economic advisers. Inflation stands at about 6.4 percent, with many in the middle class complaining that they are bearing the brunt of price increases. Limiting the authorities’ maneuvering room, the popular indignation is festering at a time when huge stimulus projects are failing to lift the economy from a slowdown, raising the specter of stagflation in Latin America’s largest economy
Posted on: Tue, 23 Jul 2013 17:47:35 +0000
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