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BCRP maintains its base interest rate at 7.75% for the third month in a row.

The reference interest rate has been maintained for the third month in a row. | Fountain: Andean

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For the third month in a row Central Reserve Bank of Peru kept the interest rate link at 7.75%, this decision is made after the minimum reduction in inflation is known.

According to BCR’s advice, this decision does not mark the end of the interest rate hike cycle; and its adjustment will be driven by new reports of inflation and macroeconomic drivers of social developments since last year, such as conflicts, as well as climate events.

How did inflation develop in March?

In March, the monthly inflation rate was 1.25%, but excluding growth food and the energy reached 0.88%. At the same time, the consumer price index for the past twelve months was 8.40%, which reflects a decrease compared to the figure reached before February, when it reached 8.65%.

What factors influenced the growth?

He BCR warned that the increase inflation It is affected by a significant increase in world energy and food prices from the second half of 2021, exacerbated by international conflicts.

This has led to a sharp rise in inflation worldwide, both in advanced economies and in the region. In the case of Peru, inflation is temporarily affected by restrictions on some food supplies and last month’s rains.

BCR also said that it is hoped that the year-on-year inflation trend will continue and we will return to the target range in the fourth quarter of this year due to the containment of the impact of international food and energy prices. , overcoming supply shocks in the agricultural sector and reducing inflation expectations for the rest of the year.

Expectations for 12-month inflation remained at 4.3 percent in March, above the upper end of the inflation target range.
Several leading indicators and indicators of economic expectations improved in March, although most remain in the pessimistic range.
Growth prospects for global economic activity point to moderation; although global risk remains due to the effects of restrictive monetary policy in advanced economies, international conflicts and the uncertainty of upward pressure on energy prices.

Source: RPP

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