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Castillo Approves Minimum Wage Increase, BCRP To Meet Thursday

PERU
  • Peru’s President Pedro Castillo approved a 10% increase in the minimum wage following days of protests that were fuelled by soaring inflation.
  • Additionally, Peru Finance Minister Oscar Graham announced fuel and food tax cuts as protests led by farmers and truckers have intensified across the South American country.
    • The government decided to reduce a selective consumption tax for fuel by 90% and will propose a bill to exempt basic food items like chicken, eggs, flour and noodles from sales tax, Graham said.
  • Finance Minister Graham, in an interview with Reuters, also said that Peru will target rising profits from copper for additional taxation as prices for the metal have increased globally.
    • Graham said Peru needs to distribute better mining wealth to communities to manage protests in the sector that have slowed output.
  • The Peru Central Bank (BCRP) will meet on Thursday where all surveyed analysts expect another 50bp hike of the reference rate to 4.50%.
    • As a reminder, Peru Lima Consumer Prices rose 1.48% M/m in March against an estimate of +0.92%. This brought the annual metric to 6.82% from 6.15% in February.
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