Latin America’s left-wing presidents risk stoking inflation

After just seven weeks in office, Luiz Inácio Lula da Silva, Brazil’s leftist president, has picked a fight with the central bank. Lula, as he is known, has called the bank’s interest rate of 13.75%, a six-year high, “shameful”. He has also called the independence of the central bank “nonsense”, and suggested that the Senate “keep an eye” on its governor, Roberto Campos Neto, whose term ends in 2024. The president may even go further and press for the inflation target—currently 3.25% this year, and 3% for the next two years—to be raised. On February 16th, after The Economist went to press, the National Monetary Council, which sets the target, was due to meet. Lula’s administration will also soon have the opportunity to replace two central bank governors on the monetary-policy committee, which sets the bank’s interest rate.