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BRASILIA, Dec 11 (Reuters) - Brazil's inflation could spike in the short term and remain high, but price increases should begin to slow in 2015, the bank said in the minutes of its last rate-setting meeting released on Thursday.
The central bank last week raised its benchmark Selic rate by 50 basis points to 11.75 percent, stepping up monetary tightening to battle inflation and reinforce President Dilma Rousseff's efforts to regain investors' confidence.
The bank said in its decision statement that any other rate increases should be done "sparingly," signaling it may slow the pace of rate increases. (Reporting by Alonso Soto and Brad Haynes Editing by W Simon)