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Central Reserve Bank of Peru: Jul-23

• The Central Reserve Bank of Peru (BCRP) has maintained the reference rate at 7.75%, influenced by downward inflation trends but notes that future adjustments depend on incoming data related to inflation and its drivers.
• Despite a decrease in one-year-ahead expected inflation and the anticipated continued decline in year-on-year inflation due to moderating impacts of global food and fuel prices, risks still exist, particularly those related to climate factors and global monetary tightening.
• Economic activity indicators have shown signs of deterioration, reinforcing the need for a cautious approach and readiness to recalibrate monetary policy to ensure inflation returns to the target range.

Peru CPI inflation -0.15% m-o-m in Jun-23

- Peru's CPI inflation declined by 0.15% month-over-month in June 2023, marking the lowest growth rate since June 2020.
- The CPI inflation in Peru was 0.67 percentage points below the one-year average and 3.22 percentage points below the long-run average, indicating a potential easing of inflationary pressures.