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BCRP Decision Due Thursday, Widely Expected To Hike 25BPs To 7.75%

PERU
  • The BCRP are scheduled to meet on Thursday, where the majority of surveyed analysts expect the central bank board to hike the reference rate once again by 25 basis points to 7.75%.
  • This follows renewed upward pressure on inflation in December. Data last week rose above expectations with headline CPI now standing at 8.46%, marginally higher than one month prior. The central bank expect the convergence of CPI to the BCRP’s target by the fourth quarter of 2023.
  • It is worth noting that some analysts do note that the decision is not a forgone conclusion. Goldman Sachs see the decision as a close call between a 25bp hike and a hold-and-monitor coupled with hawkish signals that the MPC would be open to resuming tightening if warranted. They say that “a 25bp hike may be followed by language and forward guidance suggesting the potential end of the tightening cycle.”
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