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Brazil’s central bank raises the Selic rate to 10.75%

This is the eighth hike in a row
This is the eighth hike in a row
This is the eighth hike in a row
Data Bytes
3rd February 2022
selic rate, CPI, inflation, interest rate

The Brazilian central bank rose the benchmark interest rate – the Selic – by 1.5pp to 10.75% at its meeting on February 2. This is the eighth hike in a row. The decision reflected the high inflation in the country, as the official CPI increased by 10.06% y/y in December 2021, well above the upper limit of the target band for last year, set at 2.25%-5.25%. In a statement, the Monetary Policy Committee (COPOM) signalled a smaller rate increase at its next meeting on March 16.

This is the eighth hike in a row

Brazil's Selic target rate is updated daily, available from 05/03/1999 to 03/02/2022. The data reached an all-time high of 45 % pa on 24/03/1999 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 – Q3 2021 report.

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Brazil
Data Bytes
3rd February 2022 Brazil’s central bank raises the Selic rate to 10.75%