LatinNews Daily - 16 November 2022

In brief: Brazil’s central bank warns fight against inflation ‘not over’

* Roberto Campos Neto, the president of Brazil's central bank (BCB), has said that, although inflation is showing some signs of improvement, the country must “persist” in its fight to control inflation. Speaking at a business summit in New York, Campos Neto argued that although there were “incipient” indicators “that show a qualitative improvement [in inflation],” it was too early to celebrate. “We need to persist in fighting inflation, in reaching our targets because this is the best way to contribute to sustainable growth,” he added. Brazil’s inflation reached 6.47% in the 12 months to October, down from a peak of 12% in April. Yet, it is still above the BCB’s target of 3.5% +/- 1.5 percentage points. In its last rate-setting meeting, in October, the bank decided to maintain the country’s benchmark interest rate (Selic) at 13.75%, its highest level in six years, citing enduring inflationary pressures, among other trends.

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