The Banco Central Do Brasil announced a 25 basis point increase to the Selic rate, bringing it to 12.00% from 11.75% previously on concerns the Brazlian economy is overheating. Brazil last reported inflation at 6.44%, above the Bank's official inflation target of 4.5%. Bloomberg reported the Bank as saying: "Taking into account the balance of inflation risks, the still uncertain rhythm of the moderation of domestic activity, as well as the complexity of the international environment, the committee understands that, at the moment, the implementation of adjustment in monetary conditions for a sufficiently long period is the most adequate strategy to guarantee the convergence of inflation to the target in 2012."
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