Brazil central bank hikes interest rate as Lula's woes mount

Brazil's central bank on Wednesday hiked its key interest rate to 13.25 percent in more bad news for leftist President Luiz Inacio Lula da Silva's government, which is struggling to curb high inflation. The interest rate decision was the first taken under the leadership of new central bank chief Gabriel Galipolo, appointed by Lula, who has fiercely opposed higher interest rates.

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