*Peru’s central bank (BCRP) has maintained its benchmark interest rate at 4.75%, following a cut of 25 basis points in January, as well as other cuts of the same size towards the end of last year. In a statement explaining the decision, the BCRP noted that there was monthly deflation of 0.09% in January, down from inflation of 0.11% the previous month, while annual inflation was 1.90%, down from 2.00%. Annual inflation is now near the centre of the BCRP’s target range of 1-3%. The BCRP lowered its annual inflation forecast for 2025 to 2.37%, down from its January forecast of 2.45%. It added that economic activity has increased in recent months and remains on a positive trajectory, although in an allusion to the tariffs being introduced by US President Donald Trump it highlighted “uncertainty about the impact of trade policies”.
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