Brazil raises interest rates a fifth time since April

Brazil’s central bank increased its benchmark interest rate today as the country continues to contend with high inflation, Reuters reports.

The Selic interest rate went from 9% to 9.5%.

Read: 5 after-effects of the recession

In its announcement, the bank did not close the door to raising interest rates again, which could happen as early as its next meeting in November.

Many economists believe the rate will reach 9.75% by the end of the year, and could go even higher in 2014.

The central bank wants to return inflation to 4.5%. In September, it sat at 5.82%.

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