On the 11th local time, Brazil's Central Bank Monetary Policy Committee announced the decision to raise the country's benchmark interest rate to 12.25%, marking the third rate hike by the Central Bank this year. The Central Bank of Brazil stated that this increase is influenced by international uncertainties and domestic economic policies, and it is expected that the benchmark rate may be raised again in January and March next year. Since August of last year, the Central Bank has consecutively lowered interest rates seven times, stopping the rate cuts in June of this year, and subsequently increasing the benchmark rate three times. Following this adjustment, the benchmark interest rate in Brazil at the end of 2024 will be the same as at the end of 2023, both at 12.25%. The Central Bank's latest Focus report has raised the expected inflation rate for 2024 to 4.84%, above the upper limit of the inflation management target of 4.5% set for 2024 to 2026 in the country.