SAO PAULO—The Central Bank of Brazil raised its benchmark lending rate by 1.5 percentage points as inflation continues to climb amid growing concern about government spending.
The bank’s monetary policy committee on Wednesday increased the Selic rate to 7.75% from 6.25%. It was the sixth consecutive meeting at which the bank raised the Selic, which started the year at a record-low 2%, and an acceleration from the 1-percentage-point increases at the previous two meetings.
The…
