Brazil  Sao Paolo 2013 commerce center Shutterstock
São Paulo, Brazil

Economists polled by Brazil’s central bank are maintaining estimates for the country’s 2014 growth at 1.91 percent but raising estimates for Brazil’s benchmark interest rate in 2015 to 11.88 percent from 11.50 percent, the bank’s weekly survey showed on Monday.

The poll averages the median forecasts of economists at about 100 financial institutions.

The Brazilian economy has been struggling to emerge from disappointing growth, high inflation and declining consumer confidence.

Economic activity and industrial output declined by 0.3 percent and 0.2 percent, respectively, in November, while retail sales increased by 0.7 percent in November, though consumer confidence declined 1.2 percent in December, according to FocusEconomics. In December, business sentiment was optimistic for the first time since July 2013, but it fell again slightly in January.

Prices rose nearly 1 percent from November to December, above market expectations.

Consumer confidence dropped in January to the lowest level since June 2009, according to the Getulio Vargas Foundation’s consumer confidence index. The index, scaled 1 to 200, decreased to 108.9 points, considered above-neutral. But consumer confidence has been dropping in recent months, indicating private consumption faces obstacles to growth.