Analysts see inflation moving higher in Brazil

Sao Paulo, Apr 22 (EFE).- Financial analysts have revised their 2014 inflation forecast for Brazil upward from 6.47 percent to 6.51 percent, the Central Bank said Tuesday.

The new number is above the 6.5 percent upper range of the government's target.

The inflation forecast was included in the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the outlook of the national economy.

Analysts raised their inflation forecast for the seventh straight week.

The inflation rate reached 2.18 percent in the first quarter and the year-on-year inflation rate hit 6.15 percent in March, monetary officials said.

The government has an inflation target of 4.5 percent for this year, with a 2 percent band.

Private sector economists expect the inflation rate to be 6 percent in 2015.

Analysts revised their economic growth estimate downward slightly to 1.63 percent from 1.65 percent this week, while maintaining the 2015 GDP target at 2 percent.