LatinNews Daily - 11 August 2023

In brief: Peru holds interest rate

* Peru’s central bank (BCRP) has announced that it is holding the benchmark interest rate at 7.75% for the seventh consecutive month. The BCRP noted that monthly inflation in July was 0.39%, up from -0.15% in June, whereas annual inflation in July came in at 5.88%, down from 6.46% in June. This continues the downward trajectory in annual inflation reported in June, however it remains above the upper limit of the target range (1-3%). As in previous months, the BCRP forecasts a downward trend in annual inflation to continue in the coming months and the target range to be entered at the beginning of next year. This is due to “the moderation of international prices for food and energy, the reversal of supply shocks in the agricultural sector, and a reduction in inflation forecasts”.

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