Extra regulatory or so-called macroprudential measures -- such as changes to banking rules -- could ease pressure on the central bank for more aggressive monetary tightening after rising interest rates attracted capital inflows, putting pressure on an overvalued local currency.
Inflation in Brazil's services sector is a concern in an economy with strong growth prospects in the short to medium-term, Tombini told a Senate hearing, adding that salary increases above inflation also needed to be watched.
Capital inflows, which have been growing in recent months due to excessive global liquidity, could generate greater inflation pressures, Tombini said, adding that credit growth also needed to be mitigated.
"I am certain and confident that the combination of ... the current monetary policy, the consolidation of the fiscal policy and macroprudential measures, which aim to maintain financial stability but also affect aggregate demand, will make inflation converge to the center of the target," Tombini said.
Brazil's inflation is currently running around 6 percent, way above government's 4.5 percent target, with a tolerance band of 2 percentage points.
Price pressures have been partly fueled by high commodity prices, Tombini said. Wage growth and easy credit in 2010 also helped Brazil's economy grow 7.5 percent that year -- its fastest pace in 24 years.
To contain such pressures the government late last year raised reserve requirements to cool a credit boom and has increased the benchmark Selic rate by 100 basis points so far this year to 11.75 percent.
The government has also announced a cut of about $30 billion in the 2011 budget, which it hopes will take away some of the growth stimulus and open the door for lower inflation.
Another challenge for Brazil is an uncertain global economy, whose fragile recovery could be further derailed by a crisis in North Africa and in the Middle East and the earthquake disaster in Japan, Tombini said.