Rio de Janeiro, Jan 27 (EFE).– The average annual percentage rate on Brazilian credit cards climbed to 431.4 percent in December, its highest level since that statistic began to be published in March 2011, the Central Bank said in a statement Wednesday.

The average credit card APR rose by 16.1 percentage points in December compared with November and by 99.8 percentage points relative to the same month of 2014, when the average APR stood at 331.6 percent, the monetary authority said.

The average annual interest rate on personal loans in Brazil fell 2.8 percentage points in December to 117.6 percent.

These figures contrast with Brazil’s benchmark interest rate of 14.25 percent, although analysts expect that rate, known as the Selic, will be raised once again to combat inflation.

A study conducted by the Proteste consumer organization and published late last year found that interest rates in Brazil far exceeded those of the majority of Latin American countries, where the APR on credit cards ranges from between 25 percent and 40 percent. EFE