Brazil keeps key interest rate at all-time low

Brazil's Central Bank has kept a key interest rate unchanged at 8.75 percent. The benchmark Selic rate has stood at that record low since July.

Analysts are split on the bank's action Wednesday.

Some argue the rate needs to be raised because Brazil's economy is heating up enough that inflation is becoming a concern. Others say it is more important to spur growth by keeping the rate low.

The latest inflation figures show prices rose 4.83 percent over the 12-month period that ended with February. That was above the Central Bank's target of 4.5 percent.

Brazil's economy contracted 0.2 percent last year. But the government forecasts it will grow 5 percent this year.