Brazil central bank raises interest rate to 9-year high ...Middle East

It was the fifth consecutive increase, and counter to leftist President Luiz Inacio Lula da Silva's calls for a lower rate to boost economic growth.

The committee forecast another rate hike, of a “smaller magnitude,“ from its next meeting in May, if current conditions persist.

Lula, battling low approval ratings, argues that high lending rates hinder growth by making credit more expensive for consumers and investors.

Last month, the price for goods and services in Brazil was 5.0 percent higher year-on-year, hitting 5.0 percent for the first time since September 2023 -- outside the government's targeted upper threshold.

Persistent food inflation prompted the government this month to eliminate import tariffs on basic products such as meat, coffee, sugar, oil and corn.

Despite Lula's economic headaches, Brazil recorded a low unemployment rate of 6.5 percent between November and January, and growth of 3.4 percent in 2024 - its best performance since 2021.

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