It does not imply the end of the cycle of reference interest rate hikes. Future adjustments will depend on the data obtained on inflation, which could pick up with global El Niño.
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The directory of Central Reserve Bank of Peru (BCRP) agreed to keep the reference interest rate at 7.75% for the sixth month in a row.
The reasons? During June the monthly inflation rate fell to 0.15% due to the reduction in the average prices of food and energy (-0.49%); while the twelve-month rate contracted to 6.46% and without food and energy, it fell to 4.35% in the same period.
The BCRP anticipates that the decreasing trend of year-on-year inflation will continue, so that it will reach close to the target range by the end of the current year, reaching it only at the beginning of 2024. However, climatic factors — in reference to global El Niño — represent a risk.
On the other hand, they recalled that expectations for the economy continue to deteriorate, with the majority remaining in the pessimistic range.
Source: Larepublica
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