Institutional reform must therefore move beyond the BCB’s inadequate price-stability target, which is set according to a narrow inflation index that fails to reflect the experiences of ordinary Brazilian consumers. For example, the reported 2013 inflation rate was 5.9% (compared to a 4.5% target); but prices for food, a major share of most households’ budgets, rose by 8.4%, hitting the poor especially hard.
巴西央行的改革时机已经成熟。巴西央行是一家有着50年历史的技术官僚机构，成立于军事独裁时期，几乎没有政治和社会问责的法律约束。因此，制度改革必须超越巴西央行不充分的价格稳定目标——该目标基于不能反映普通巴西消费者体验的狭义通胀指数制定。比如，2013年的报告通胀率是5.9%（目标为4.5%）；但占大部分家庭预算大头的食品价格上涨了8.4%，穷人受到的冲击尤其严重。罗塞夫政府通过压制国家服务价格人为压低报告通胀率。