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Peru GDP Growth -1.29% y-o-y (consensus -0.7) in Sep-23

- Peru's GDP growth recorded a year-on-year decline of 1.29% in September 2023, falling short of the consensus forecast of -0.7%.
- This represents the lowest growth rate since May 2023 and a deviation of 1.13 percentage points below the one-year average, emphasizing the challenging economic conditions faced by Peru.

Peru Policy Interest Rate 7.0% (consensus 7.0) in Nov-23

• The BCRP reduced the reference rate to 7.00%, in line with economist forecasts, driven by a significant decrease in both month-on-month and year-on-year inflation rates, signalling easing inflationary pressures.
• Future interest rate decisions will be influenced by the trajectory of inflation and its determinants, with current trends indicating a continued downward movement towards the target range, moderated by external and climatic risks.
• The Board remains vigilant, ready to adjust monetary policy in response to new economic data and global economic conditions, emphasizing its commitment to maintaining inflation within the targeted range.

Peru Lima CPI Inflation -0.32% m-o-m (consensus 0.18%) in Oct-23

- CPI inflation in Lima, Peru declined by 0.32% month-on-month in October 2023, causing the annual rate to slow by 0.7pp to 4.3% y-o-y.
- The current inflation rate is below the one-year average and indicates surprisingly subdued inflationary pressures.

Peru GDP Growth -0.63% y-o-y in Aug-23

- Peru's GDP growth contracted by 0.63% year-on-year in August 2023, marking a slight improvement from the previous month's 1.3% decline.
- The ongoing negative growth is only the least bad since June 2023, so there is still a lot of work to do to recover from recent economic challenges.