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Economists up forecast for 2015 Brazil inflation to 6.99%

[SAO PAULO] Economists raised sharply their forecasts for Brazil's 2015 inflation rate to a level further exceeding the official target, a weekly central bank poll showed on Monday.

Inflation is expected to end 2015 at 6.99 per cent, up from 6.67 per cent in the prior week's survey and 6.53 per cent a month ago, according to the median forecast of about 100 market economists.

Brazil's government targets an inflation rate of 4.5 per cent, with a tolerance margin of two percentage points.

The median estimate for economic growth this year dropped to 0.13 per cent from 0.38 per cent in the previous week's survey and 0.55 per cent a month earlier.