Brazil Says Rate Rise to 11.75% Part of ‘Adjustment Process’

Brazil’s central bank signaled it will raise the benchmark interest rate for a third straight meeting next month, after pushing borrowing costs yesterday to a two-year high to cool inflation.

Policy makers raised the overnight rate to 11.75 percent from 11.25 percent in a unanimous vote, saying the decision was the “continuation of the adjustment process.” The move matched estimates of 44 of 51 analysts surveyed by Bloomberg. Seven economists had forecast the bank would step up the pace of tightening after a half-point rate increase in January.