Brazil's 2015-2016 inflation crisis
Inflation broke past the target band in 2015, peaking at 10.71% in January 2016. The central bank hiked the Selic to 14.25% amid a deep recession, while a corruption and political crisis gripped Brasília.
Inflation fell as the recession bit, but living standards dropped sharply and Dilma Rousseff was impeached in 2016.
The episode cemented the inflation-targeting framework and made price stability a central political issue in Brazil.
Shows how inflation breaking the band can collide with a political crisis, the same combination Brazil faces ahead of its runoff and November rate decision.
