Reuters: US Dollar Report: UPDATE 1-Economists hike Brazil 2012 inflation view for 7th week

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UPDATE 1-Economists hike Brazil 2012 inflation view for 7th week Aug 27th 2012, 11:51 Mon Aug 27, 2012 7:51am EDT * Economists lower 2012 economic growth view to 1.73 pct * 2012 inflation view up for 7th straight week SAO PAULO Aug 27 (Reuters) - Economists raised their forecasts for inflation this year in Brazil and trimmed their estimates for economic growth, a weekly central bank survey showed on Monday. Consumer inflation this year will reach 5.19 percent, up from a forecast of 5.15 percent in the prior week, the poll showed. The surveyed economists have raised their inflation forecasts for seven weeks in a row. Yet, economists cut their estimates for growth to 1.73 percent from 1.75 percent, according to the survey, which tracks estimates of the most widely watched indicators in Brazil. That would be the weakest annual performance since 2009 and a sharp slowdown from eye-popping 7.5 percent growth two years ago. Brazil's statistics agency IBGE releases second-quarter gross domestic product data on Friday, at 9 a.m. (1200 GMT). The outlook for interest rates this year remained unchanged in the survey. Brazil's benchmark Selic rate will likely fall to 7.25 percent by year-end from 8 percent currently, according to the poll. The central bank's monetary policy committee, known as Copom, will likely cut rates by 0.5 percentage point when it meets on Wednesday, all economists surveyed said in a Reuters poll last week. In 2013, inflation will likely quicken to 5.50 percent, and the Selic rate should rise back to 8.25 percent. Brazil's GDP product is expected to grow by 4 percent. Brazilian policymakers target inflation at 4.5 percent plus or minus 2 percentage points for this year and next. The poll results are the median forecast of analysts surveyed by the central bank at about 100 financial institutions, according to the central bank. Consumer prices were seen rising 0.37 percent in August from the previous month, up from 0.35 percent seen a week earlier. Link this Share this Digg this Email Reprints

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