Brazil's central bank will probably raise its benchmark interest rate this year to fight inflation as the economy recovers, a weekly central bank poll showed on Monday.The Selic rate should end the year at eight per cent, up from a record low of 7.25 per cent, according to the median forecast of about 100 economists surveyed last week. They maintained their forecasts for end-2014 rate at 8.25 per cent. A Reuters poll on Thursday showed a slight majority of economists expected an increase this year after the central bank stopped forecasting stable rates for a long period.The bank led by Alexandre Tombini, which cut the Selic rate ten consecutive times between August 2011 and October 2012 to boost Brazil's economy, has sought to calm inflation fears after a surprise jump in consumer prices in the past few months.

Source - http://www.business-standard.com