Brazil delivers another 100 basis-point hike

Higher costs: Prices are displayed at a market in Rio de Janeiro. Annual inflation hit 9.68% in August, with eight out of nine product and service categories rising on the month. — Reuters

BRASILIA: Brazil’s central bank raised its benchmark interest rate by a full percentage point for a second straight meeting in an effort to control inflation that’s soaring toward double digits.

Policymakers led by Roberto Campos Neto lifted the Selic to 6.25%, as anticipated by 35 of 39 economists in a Bloomberg survey. The other analysts expected even bigger hikes.