Brazil's Economic Activity Up 3.4 Percent
TEHRAN (ANA)- Brazil's economic activity grew by 3.4 percent over the past 12 months through October, the central bank said.
The bank's Economic Activity Index (IBC-Br) edged up 0.1 percent in October from the previous month on a seasonally adjusted basis, marking the fourth consecutive month of growth.
The IBC-Br index, considered a preview of the GDP, also serves as a reference for the central bank's Monetary Policy Committee to adjust basic interest rates.
Earlier this week, the committee raised the benchmark Selic interest rate to 12.25 percent, continuing its recent hikes aimed at controlling inflation.
Inflation reached 4.87 percent for the 12 months ending November, exceeding the central bank's official target of 3 percent, with a margin of error at 1.5 percentage points.
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