Brazilian inflation is already showing signs of decelerating and doesn’t require further interest rate tightening for the the time being, Central Bank President Alexandre Tombini said in testimony before the country’s Senate economic affairs committee. Brazil’s central bank beginning last year raised the country’s base Selic interest rate more than 3 percentage points to 11% in an effort to curb accelerated inflation.In his comments, the central bank chief rejected insinuations that the country ‘s economic and monetary policy had caused a deceleration and long-lasting difficulties for the economy, saying the country was amid a transition to improving conditions. “What kind of crisis is it when we’re seeing record low unemployment and inflation under control?” he said.  Market analysts over recent months have reduced economic growth projections for Brazil to below 1% from 2% in reaction to the impact of rising interest rates and still sluggish global conditions.  The latest central bank market surveys show the country’s IPCA consumer price index ending 2014 around 6.4%, just lower than the country’s target ceiling of 6.5%. Through June this year, however, Brazil’s 12-month inflation totaled 6.52%.