Brazil hikes key interest rate to 11% in bid to get inflation under control



SAO PAULO–Brazil raised its key interest rate by 25 basis points to 11 percent Wednesday, as Latin America’s largest economy scrambled to contain inflation.

The central bank’s monetary policy commission (Copom) said the decision continued the process of adjustment begun last April, when the rate stood at 7.25 percent. Copom did not rule out further rate increases.