Brazil’s Central Bank to raise its benchmark rate by one percentage point to 5.25%

Twelve-month cumulative inflation jumped from 2.13% in June 2020 to almost four times higher, 8.35%, in June this year and could reach 9% in July.

RIO DE JANEIRO, BRAZIL - The Central Bank of Brazil (BCB) will raise Wednesday (4) its benchmark SELIC rate by one percentage point, to 5.25%, after three successive hikes of 0.75 points that proved insufficient to control inflation, according to most analysts' forecasts.

The BCB's Monetary Policy Committee (COPOM) had already foreseen in June, during its last meeting, the possibility of making "another adjustment of the same magnitude" in August.

In March, the Copom initiated the cycle of SELIC rate hikes, which was maintained for seven months at its historic low of 2% to temper the impact of . . .

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