Brazil's cenbank chief says much of the work on interest rates is done

June 27 (Reuters) - Brazil's central bank chief Roberto Campos Neto said on Monday that much of the bank's work on interest rates is done and is now expected to slow down the inflationary process.

The central bank hiked interest rates by 50 basis points to 13.25% earlier this month as it looks to rein in high consumer prices, and also signaled it would raise rates further and maintain them at a high level for a longer period.

"Brazil is very close to completing its work (on interest rates) ... On inflation, we think the worst has passed," Campos Neto said during an event in Portugal.

Inflation in the 12 months to mid-June hit 12.04% in Latin America's largest economy, down from the 12.2% seen a month earlier but still well above the central bank's target of 3.5%, plus or minus 1.5 percentage point. (Reporting by Bernardo Caram in Brasilia; Writing by Gabriel Araujo; Editing by Toby Chopra)