Central Bank of Brazil hikes inflation forecast for 2014
CBB has hiked key interest rate by more than 400bp in past year
The Central Bank of Brazil (CBB) has raised its inflation forecast for 2014 to 6.1% – 50 basis points higher than its previous estimate and 1.6 percentage points above target, according to the bank's latest inflation report.
Under a ‘baseline scenario', which assumes an exchange rate of 2.35 reais against the dollar and the the CBB's benchmark Selic rate remaining at 10.75%, inflation is projected to stay above 6% this year, before dropping to 5.5% in 2015 and 5.4% in the first quarter of 2016.
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