Brazil’s central bank raised its key interest rate for the 10th straight time Wednesday, trying to tame surging inflation that has proved tough to slow for policy makers in Latin America’s biggest economy. Saying inflation “continued surprising negatively,” the bank’s monetary policy committee raised the benchmark Selic rate one percentage point, to 12.75pc, in line with analysts’ forecasts. Conditions in the global economy have “continued to deteriorate,” the bank said in its accompanying statement. “Inflationary pressure stemming from the (coronavirus) pandemic has intensified with supply problems caused by the new wave of Covid-19 in China and the war in Ukraine.” Monetary tightening by the world’s wealthiest countries is also “increasing uncertainty and creating additional volatility, particularly for emerging countries,” it said. The move came the same day the US Federal Reserve raised its key interest rate by a half percentage point — its biggest since 2000 — and indicated more tightening was on the way, also trying to slow soaring inflation. In Brazil, the unanimous decision by the committee’s nine members brought the Selic to its highest since February 2017, when it stood at 13pc.