LatinNews Daily - 27 October 2022

In brief: Brazil’s central bank keeps interest rates unchanged

*Brazil’s central bank (BCB) has decided to keep the country’s benchmark interest rate (Selic) unchanged, at 13.75%, its highest level in six years. In its previous rate-setting meeting, in September, BCB also opted not to change the Selic level, interrupting a cycle of 12 consecutive rate hikes. Now all the nine members of the Comitê de Política Monetária (Copom), BCB’s rate-setting committee, voted to keep Brazil’s interest rate at 13.75% citing that, despite the recent deceleration of the country’s inflation, the consumer price index is still above the bank’s target of 3.5% +/- 1.5 percentage points. Brazil’s annual inflation fell from 11.89% in June to 7.17% in September. BCB expects the price index to further decelerate to 5.8% by the end of 2022.

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