Brazil Raises Key Rate for Fifth Time as Inflation Quickens
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Brazil’s central bank increased the benchmark interest rate for the fifth consecutive meeting to bring surging inflation back to target by the end of next year.
The bank’s board, led by its President Alexandre Tombini, in a unanimous vote raised the key rate by a half-point to 13.25 percent Wednesday, the highest since January 2009. The statement accompanying the decision uses the same language as the prior communique. The increase was forecast by 53 of 61 economists surveyed by Bloomberg. The remainder expected a quarter-point boost.