*Peru’s central bank (BCRP) has lowered its benchmark interest rate by 25 basis points to 6.25%, in its sixth consecutive monthly reduction of the rate. The BCRP noted that annual inflation in January was 3.0%, at the upper end of the 1-3% target range and down from 3.2% in December. Monthly inflation in January was 0.02%, down from 0.41% the previous month. The BCRP’s 12-month inflation forecast now stands at 2.64%, down from its previous estimate of 2.83% in December, with the bank stating that “the risks associated with climatic factors caused by the El Niño phenomenon have reduced”.
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