Brazil’s government is forecasting higher inflation rates for this year, the government said in the bi-weekly economic report Focus.
The report also noted that Brazil increased inflation rates from 5.89 percent to 5.92 percent.
According to the ministry of planning, Brazil’s gross domestic product (GDP) is expected to reach 1.8 percent this year, down from 2.5 percent.
As a result of the new forecast, Brazil won’t receive BRL 3.6 billion ($1.6 billion) in taxes.