SAO PAULO, July 21 (Reuters) – A weekly survey conducted by Brazil’s central bank revealed that private economists have lowered their inflation projection for 2026 for the first time in more than two months, marking a positive shift for the central bank. n nThe updated forecast anticipates consumer prices to increase by 4.45% in 2026, a slight decrease from the previous estimate of 4.50% recorded the week before. This figure had remained consistent for nine consecutive weeks. n nThe central bank aims to maintain inflation at 3%, with a permissible range of plus or minus 1.5 percentage points. n nDespite the country’s primary interest rate being at a high level of 15%, central bank officials have voiced concerns regarding the potential instability of long-term inflation expectations. n nAccording to the survey, economists’ predictions for inflation in 2027 remained stable at 4%, while those for 2028 saw a minor decline from 3.81% to 3.80%. n nThis year’s inflation forecasts have consistently decreased, aided by a stronger currency exchange rate. This trend continued this week, with projections easing from 5.17% to 5.10%. n nEarlier this month, central bank president Gabriel Galipolo stated in a letter that inflation is anticipated to fall within the tolerance range by the end of the first quarter of 2026. n nExpectations for Brazil’s key interest rate remained unchanged compared to the previous week, standing at 15% for 2025 and 12.5% for 2026. n nBelow are the survey’s projections: n nReporting by Camila Moreira; Written by Isabel Teles; Edited by Bernadette Baum and Christina Fincher