LatinNews Daily - 12 January 2024

In brief: Peru lowers interest rates

*Peru’s central bank (BCRP) has lowered its benchmark interest rate by 25 basis points to 6.50%. In a statement explaining the decision, the BCRP noted that monthly inflation in December was 0.41%, bringing the annual inflation rate to 3.2% – down from 3.6% in November. Annual inflation is now just outside the BCRP’s target range of 1-3%, with the bank highlighting an accelerated decline between June and December last year. The BCRP said that despite a “moderate improvement” in some broader economic indicators, “the majority remain on a pessimistic trajectory”. The BCRP attributed this to the social unrest which swept Peru at the beginning of last year and the El Niño weather phenomenon, which it said have impacted economic activity and domestic demand.

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