Annual inflation in Brazil hit a 12-year high last year at 10.67 percent, the government said Friday, the latest sign of economic troubles in the world's seventh largest economy.

The figure -- the highest since 2002 -- was more than double the government's 4.5 percent inflation target. 

State statistics agency IBGE said consumer prices rose 0.96 percent month-on-month in December, after an 1.01 increase in November.