BRASÍLIA—Brazil’s central bank raised its benchmark interest rate by a half-percentage point on Wednesday as inflation remained resilient despite strong signs of recession in Latin America’s largest economy, a condition often referred to as stagflation.

The bank moved the rate, known as the Selic, to 13.75% from 13.25%. The bank’s goal is to slow the 12-month inflation rate to 4.5% by the end of 2016, from 8.2% in April. The decision by the central bank’s policy makers was unanimous.

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