Brazil leaves rates unchanged

Brazil's central bank has left its interest rate unchanged at 16 per cent, according to Bloomberg. The rate was cut several times following its peak of 26.5 percent in June 2003, but it has been held at 16 percent since April, amid concerns that inflation is accelerating.

Inflation is currently at 6.8 per cent, above the government's target of 5.5 per cent, with pressure coming from high oil prices and Brazil's strengthening economic recovery.

A Bloomberg News survey of economists found a major