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Peru Monetary Policy September 2022

Peru: Central Bank raises rates again in September

At its 8 September meeting, the Central Bank of Peru raised its key policy interest rate by 25 basis points to 6.75%, bringing the cumulative increase for the year to 425 basis points.

The Bank continued to normalize its stance in order to rein in elevated inflation and inflation expectations. Both inflation and inflation expectations remain well above the 1.0–3.0% target range, although they moderated somewhat in August. The Bank sees inflation moving back into the target range in H2 2023.

The Bank stated that it was prepared to take additional steps to ensure inflation returns to target. Our panelists expect the tightening cycle to continue for the remainder of this year. However, it is likely to be considerably slower than it has been to date; inflation is projected to decline in Q4, and the Central Bank could become warier of the impact on economic activity.

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