The Rising Influence of Rising Affluence

[DewDiligence]

Brazil continues to have world’s highest interest rates—Selic benchmark back to 10%:

http://www.ft.com/intl/cms/s/0/fb86cf18-57bd-11e3-b615-00144feabdc0.html

When Brazil pushed its Selic rate down to a record low of 7.25 per cent in October last year, it raised hopes that the country could finally rid itself of its traditionally high borrowing costs.
However, rising inflation has forced the central bank to change tack, especially as complaints over price rises and frequent protests across the country threaten to damage Ms Rousseff’s popularity ahead of presidential elections next year.