Economy & Business - August 2024

PERU | Rate cut cycle resumed. On 8 August Peru’s central bank (BCRP) lowered its benchmark interest rate by 25 basis points to 5.50%, resuming a cycle of rate cuts that began in September 2023 but was paused in July. In a statement explaining the latest decision, the BCRP noted that monthly inflation in July was 0.24%, bringing the annual inflation rate to 2.1% – down from 2.3% in June, and within the bank’s target range of 1%-3%. The bank slightly lowered its 12-month inflation forecast to 2.49%, down from 2.53% in June and noted that “most indicators” are “on an optimistic trajectory for the third consecutive month”.

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