Brazil's central bank says inflation progress ‘not enough’

Central Bank of Brazil

The Central Bank of Brazil could hike interest rates further in the coming months, as the monetary policy committee (MPC) is dissatisfied with current inflation levels, according to minutes from its meeting last week.

"The progress achieved in the fight against inflation... is still not enough", the committee noted in the minutes. At the meeting it voted to raise its policy rate, the Selic, by 50 basis points to 12.25%, its highest level in more than three years.

"We expect a 25bp hike in the ne

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