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Peru Inflation July 2023

Peru: Inflation falls in July

Inflation came in at 5.9% in July, which was down from June’s 6.5% and marked the lowest reading since January 2022. That said, the print remained above the Central Bank’s 1.0%-3.0% target range for the 25th consecutive month.

Annual average inflation dipped to 7.9% in July from 8.2% in June. Lastly, consumer prices increased 0.39% over the previous month in July, contrasting the 0.15% decrease logged in June.

Commenting on the outlook, Julio Ruiz, analyst at Itaú, stated:

“A faster disinflation process, amid weak activity, increases the odds of the central bank cutting rates sooner than our base call of October. We expect the central bank to cut its policy rate by 25-bp in each of the last three meetings of the year, reaching a level of 7.00%.”

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