Brazil Raises Rate

Brazil’s central bank unexpectedly raised its benchmark lending rate for an eighth straight month in a bid to rein in inflation. Central bankers voted unanimously to lift the overnight interbank rate 25 basis points to 19.5 percent. Retail sales rose at their slowest pace in 15 months in February and industrial output grew at its weakest pace in four, evidence the expansion in South America’s biggest economy is decelerating. But consumer prices rose 7.5 percent in the 12 months through March, above the central bank’s 5.1 percent year-end target.