Brazil’s central bank has cut its projection for inflation slightly in 2014, but simultaneously reduced its forecast for growth. According to the bank’s latest quarterly inflation report, the country’s IPCA consumer price index is seen ending 2014 near the top end of the country’s inflation target band, at 6.3%. That was down, however, from 6.4% seen in the previous report in June. The government has set an inflation target of 4.5%, but allows a margin of tolerance for inflation up to 6.5%.  The bank, meanwhile, cut its forecast for growth to 0.6% from 1.6% seen in the previous report in June.  The bank’s inflation projections were in line with forecasts in recent market surveys, but growth projections were higher than 0.3% growth projected by private economists. In 2013, Brazil posted GDP growth of 2.3% and inflation of 5.9%. For 2015, the third-quarter inflation report projects the IPCA inflation index will slow to a result of around 5.8%. The latest projections for accelerated inflation and slowing growth have come as the central bank has held the country’s base Selic interest rate unchanged at 11% ahead of upcoming local elections to try to stimulate economic activity.