SÃO PAULO — Brazil’s central bank raised its benchmark lending rate by one percentage point as consumer prices continue to rise rapidly, and said it expects to increase it by the same amount at its next meeting in October.

The central bank’s monetary policy committee on Wednesday raised the Selic, as the key rate is known, to 6.25% from 5.25%, as expected. It was the second consecutive increase of that size, following increases of 75 basis points at each of the previous three meetings. The Selic began 2021 at a record low of 2%.

Another rate increase of one percentage point would be appropriate to ensure the inflation rate will fall to the central bank’s target, it said in its statement. The central bank will monitor the economic situation and update its policy if necessary, it added.

The central bank’s monetary policy committee “emphasizes that its future policy steps could be adjusted to ensure the achievement of the inflation target and will depend on the evolution of economic activity, on the balance of risks, and on inflation expectations and projections for the relevant horizon for monetary policy,” the statement said.

Brazil’s 12-month inflation rate reached a five-year high of 9.68% in August, higher than expected, as a steep currency depreciation and a drought in many parts of the country pushed prices higher. Shortly after the August inflation figures were released, several economists said they expected the bank to raise the Selic by more than a point at Wednesday’s meeting.

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