However, the IPCA of this year registered the percentage of 12,53, exceeding the goal in 9,3%. Analyzing all historical of this system she is notable who this year was what more she surpassed the foreseen goal. As the Report of the Inflation of 2002, the year was marked by a reliable crisis, in function of the electoral period in the October month and for the increase of the aversion to the risk in the international markets. This finished resulting in the fall of the demand for public headings in the financial market, the accented depreciation of the exchange tax and in the increase of the expectations of inflation of the economic agents. As it shows Table 7 and in accordance with the structural model of the Central banking, the inflation accumulated in 2002 can be decomposed of the following form: Table 7: Decomposition of the tax of inflation in 2002 ItemContribuio in Contribution in Points Exchange PercentuaisPercentual Repasse 5.8246.4% Inflation of Prices Livres*2.2818.2% Inflation of Prices Administrados*1.8514.8% Expectativa1.6513.2% Inertia 20000.937.4% *Excluindo exchange view and inertia Source: Central banking. In accordance with the table above, exchange depreciation represented 46.4% of the inflation measured for the IPCA, what in the decomposition of the inflation it mentions 5,82 percentile points to it. The inflation of the free prices was responsible for 2,28 percentile points, representing 18.2%. Already the inflation of the managed prices was responsible per 1,85 of the 2002 inflation.

The Report of Inflation of 2001 had foreseen inflation of only 5.3% of the prices managed for contact and monitored, being that, effectively, the inflation reached 15.3%, with prominence for the prices of the gas of stopper, the alcohol and the electricity, that had increased, respectively, 48.3%, 31.5% and 19.9%. The deterioration of the inflation expectations contributed with 1,65 percentile points in the variation of the IPCA of 2002. inflationary inertia proceeding from 2001 would have contributed with 0,93 percentile point.