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Central Reserve Bank of Peru: Aug-23

• The BCRP has chosen to sustain the reference rate at 7.75%, as expected, influenced by recent declines in inflation rates, though rates remain above the targeted range.
• While global inflation has surged due to heightened food and fuel prices, forecasts anticipate a steady decline in Peru’s year-on-year inflation, gravitating towards the target range by next year. However, potential climatic risks may pose challenges.
• Despite a moderate economic recovery in July, the Board remains vigilant and is prepared to adjust their monetary stance based on emerging inflationary data, global economic activities, and potential risks.

Peru CPI inflation 0.39% m-o-m in Jul-23

- Peru's CPI inflation experienced the highest growth rate since April 2023, with a 0.39% monthly increase in July 2023.
- The year-on-year CPI inflation in July 2023 stood at 6.02%, indicating significant inflationary pressure compared to the same month in the previous year.