Brazil raises 2015 inflation outlook to 9%

Brazil's central bank raised its 2015 inflation forecast to nine percent Wednesday, twice its target and a further sign of the bad year facing the world's seventh-largest economy. The central bank also cut its economic growth outlook, predicting a contraction of 1.1 percent this year instead of the 0.5 percent it had previously forecast. The central bank had previously predicted annual inflation of 7.9 percent this year -- already higher than its target of 4.5 percent and outside the t