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Peru unemployment rate 6.6% in Aug-23

- The unemployment rate in Peru increased to 6.6% in August 2023, reaching its highest level since May 2023, indicating persistent labor market challenges.
- Despite being below the one-year and long-run averages, the elevated unemployment rate suggests the need for sustained efforts to improve labor market conditions and address potential structural issues.

Central Reserve Bank of Peru: Sep-23

• The Central Reserve Bank of Peru has decreased the reference interest rate by 25 basis points amidst above-target inflation levels and economic disruptions, including global energy and food price hikes.
• Despite inflationary pressures, there's optimism for the inflation rate to align with the target range by the start of next year, given the moderating effects of international prices and declining inflation expectations.
• The bank maintains a vigilant stance on inflation and its determinants and is committed to necessary adjustments in monetary policy for economic stability.

Peru CPI inflation 0.38% m-o-m (consensus 0.28%) in Aug-23

- Peru's CPI inflation rate in August 2023 was 0.38% month-on-month, marking the lowest growth since June 2023, but a tenth higher than expected.
- The monthly inflation rate is 0.07 percentage points below the one-year average and 2.68 percentage points below the long-run average, indicating a trend of lower inflationary pressures.

Peru unemployment rate 6.3% in Jul-23

- Peru's unemployment rate in July 2023 declined to 6.3%, the lowest level since December 2019.
- The current unemployment rate is 0.91 percentage points below the one-year average and 1.86 percentage points below the long-run average, indicating positive labor market improvements.