Brazil’s central bank raises the Selic rate to 12.75%


The Brazilian central bank rose the benchmark interest rate – the Selic – by 1pp to 12.75% at its meeting on May 4. This is the tenth hike in a row. The decision reflected the high inflation in the country, as the official CPI increased by 11.3% y/y in March 2022, well above the upper limit of the target band for this year, set at 2%-5%. In a statement, the Monetary Policy Committee (COPOM) foresee a lower increase of the Selic rate at the next two-day meeting on June 14 and 15.
Brazil's Selic target rate is updated daily, available from 05/03/1999 to 05/05/2022. The data reached an all-time high of 14.25 % pa on 19/10/2016 and a record low of 2 % pa on 17/03/2021.
Further data and analysis on Brazil’s economy are available on the CEIC Brazil Economy in a Snapshot – Q1 2022 report.