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BanRep Economist Survey Raises 2023 Year-End CPI Forecast

  • The central bank released the latest survey of economists on Wednesday where the median forecast for 2023 year-end CPI was raised to 9.00% versus 8.95% in the prior survey. The next rate move is expected to be a 50bps cut in October. Details for inflation expectations were as follows:
    • 12-mth inflation cut to 5.86% from 6.02%
    • 24-mth inflation raised to 3.97% from 3.93%
    • 2023 year-end inflation raised to 9.00% from 8.95%
    • 2024 year-end inflation cut to 4.85% from 5.00%

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