July 21, 2017 / 2:27 PM / a month ago

Brazil government lowers 2017 inflation forecast as recovery stumbles

SAO PAULO (Reuters) - The Brazilian government lowered its forecast for inflation this year amid a slow economic recovery, which weighed on tax collection and forced it to cut public spending and raise taxes.

The government now expects the IPCA consumer price index to rise 3.7 percent in 2017, compared to a previous estimate of 4.3 percent. It kept a 0.5 percent estimate for gross domestic product (GDP) yearly growth but predicted lower primary revenues and higher public spending.

Reporting by Marcela Ayres; Writing by Bruno Federowski

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