(MENAFN) Brazil's central bank raised its 2015 inflation forecast to 9 percent, twice its target and a further sign of the bad year facing the world's seventh-largest economy, AFP reported.
The Brazilian central bank also cut its economic growth outlook, predicting a contraction of 1.1 percent this year instead of the 0.5 percent it had previously forecast.
The central bank had previously predicted annual inflation of 7.9 percent this year, already higher than its target of 4.5 percent and outside the tolerance range of plus or minus 2 percent.
Brazil's economy posted 0.1 percent growth last year, its fourth lackluster year in a row and a precipitous drop from the 7.6 percent it chalked up in 2010. Last year, inflation came in at 6.4 percent.
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