Inflation in Brazil continues to "show resistance" despite the central bank's tightening of its benchmark interest rate by more than 400 basis points since last March, according to minutes from the bank's meeting on February 26.

"The Monetary Policy Committee considers that, despite moderation in the margin, the high variation in consumer prices in the twelve months contributed to inflation still show[ing] resistance, which, incidentally, has been shown to be slightly above what was anticipated