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International Business Times
International Business Times
World

Brazil Central Bank Hikes Interest Rate As Lula's Woes Mount

Luiz Inacio Lula da Silva Brazil Inflation
Brazil's President Luiz Inacio Lula da Silva is battling several economic headaches (Credit: AFP)

Brazil's central bank on Wednesday hiked its key interest rate to 13.25 percent in more bad news for leftist President Luiz Inacio Lula da Silva's government, which is struggling to curb high inflation.

The bank's fourth consecutive increase of the benchmark Selic rate comes amid already high investor concerns over Brazil's ballooning public debt, which is getting ever more costly to service.

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