Brazil central bank Governor Roberto Campos Neto said a tight labor market has made the task of taming inflation a challenge, as the process to lower price pressures back to goal has been slower than anticipated.

“It’s been challenging to have a disinflation process with tightness in the labor market, especially in emerging markets like Brazil,” he said on Saturday at the Kansas City Fed’s annual conference in Jackson Hole, Wyoming. He also said consumer price increases are picking up across Latin America.