The sharp fall in Brazil industrial production in November leaves it on course to contract in Q4 and suggests the economy ended 2014 on a predictably weak footing. GDP is likely to have done little more than stagnate over the year as a whole and the performance in 2015 is unlikely to be much better. In more encouraging news, inflation in Chile fell sharply in December, thanks in large part to the effects of lower oil prices. Further falls are likely in the months ahead.
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