Brazil central bank raises rates by 100 bps, reaffirms next hike

BRASILIA, Jan 29 (Reuters) - Brazil's central bank raised its benchmark interest rate by 100 basis points for the second straight meeting on Wednesday and signaled another hike of that size in March, leaving the door open for subsequent moves amid mounting inflationary pressures.

The bank's rate-setting committee, known as Copom, lifted the Selic policy rate to 13.25% in a unanimous decision — the first under new the new central bank chief Gabriel Galipolo, who was appointed by President Luiz Inacio Lula da Silva.

The rate increase was in line with the expectations of all 38 economists surveyed by Reuters.