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BCRP Economist Details Fertilizer Shortage As Reason For Soaring Food Prices

PERU
  • Central bank chief economist Adrian Armas explained that food prices are soaring in January due to a fertilizer shortage and drought, together with more recent unrest throughout rural regions.
  • His comments came in a scheduled press conference on Friday following the central bank's decision to hike rates by 25bps on Thursday.
  • Armas added that the bank expects upward pressure on food prices to continue through February, before falling in March which explains the addition to the latest statement.
  • He added Peru’s economy should grow “somewhat lower” than the previously anticipated 2.9% in 2022.

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