Brazil Says Gain in Fighting Inflation Is Still Insufficient
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Brazil’s central bank said progress in taming above-target inflation is insufficient after it bucked the trend of other central banks last week by raising its benchmark rate to the highest in more than three years.
“The progress achieved in the fight against inflation -- as exemplified by benign signs stemming from expectations of medium and long term indicators -- is still not enough,” policy makers said Thursday in the minutes to their Jan. 20-21 meeting. Price increases “have made the balance of risks for inflation less favorable.”