SÃO PAULO—The Central Bank of Brazil raised its benchmark Selic lending rate to the highest level in five years and said it would continue with its strategy as long as needed until the country’s rapid inflation starts to slow.
The bank’s monetary policy committee, known as the Copom, raised the Selic by 1 percentage point to 12.75%. Policy makers said they would raise the Selic by a smaller amount at the next meeting, in June.
“The…
