Inflation is the biggest threat facing Brazil and the rest of the world, Henrique Meirelles, president of Brazil’s central bank, has told the Financial Times, making an appeal to other central bankers to join the task of keeping international price rises under control.

“The biggest concern over the next 12 months for Brazil and the rest of the world is inflation,” he said in an interview in São Paulo. “The risk is that prices for food and raw materials will continue to rise. If every central banker decides that this is a problem for other countries, nobody will do anything and there will be [faster] worldwide inflation.”