Since then, Mexican inflation, which had been declining from its recent peak of 52 percent in 1995, has fallen further, to around 5 percent. The central bank recently tightened policy to bring inflation down to its current target range of 2 to 4 percent.
Brazil also adopted inflation targeting in 1999, following the collapse of its crawling-peg exchange-rate regime in the months after the 1998 Russian debt crisis. After a transition period that included monetary and fiscal tightening, President Cardoso issued a decree in June 1999 announcing multiyear inflation targets.