Brazil's Lula says inflation targets too 'rigid'

Brazil's President Luiz Inacio Lula da Silva speaks during the launching ceremony of the Plano Safra 2023/2024, an action plan for the agricultural sector, in Brasilia, Brazil June 27, 2023. REUTERS/Adriano Machado

SAO PAULO (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Thursday the country's inflation targets were excessively rigid and renewed criticism of the central bank for high interest rates ahead of a meeting that will set its 2026 inflation goals.

Lula's remarks came as financial markets closely watch the National Monetary Council's (CMN) meeting later in the day for potential changes on the targets, which are currently at 3.25% for 2023 and 3% for the next two years.