Brazil Sees Higher Inflation

Brazil’s Central Bank said it’s ready to raise the benchmark lending rate for the ninth time since September because rising oil prices are fueling inflation. The bank’s monetary policy committee last week raised the benchmark rate to an 18-month high of 19.5%. According to minutes of the meeting a continued rise in oil prices will force the government to raise domestic fuel costs. Also, a drought in the south of the country may push food prices higher and utility rates may rise more than expected.