Brazil's inflation rate is expected to hit an 11-year high in 2015, the country's central bank said on Monday.
Analysts expected that the annual inflation rate will rise from current 6.67 to 6.99 percent, way above a central target of 4.5 percent, and nearly half a percentage point over the government ceiling of 6.5 percent, said the Central Bank's weekly forecast.
The forecast figure will be the highest since inflation reached 7.6 percent in 2004.
Market analysts also lowered their growth projections for the country's gross domestic product (GDP), from 0.38 percent last week to 0.13 percent, marking the fourth time in a row that experts have downgraded their economic growth forecast.