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Central Bank Review - Hikes 50BPs To 5.50%

PERU
  • The BCRP decided to raise the reference interest rate by 50 bps to 5.50% at their June meeting. This decision was in line with all surveyed analysts on Bloomberg prior to the decision.
  • The statement maintained identical forecasts for the expected convergence of inflation to target. Given the “significant and continuous increase in international energy and food prices” inflation is expected to return to the target range between the second and the third quarter of next year with the downward path of year-on-year inflation expected to begin in July.
  • The Board remains attentive to incoming developments surrounding inflation and its determinants, as well as inflation expectations and economic activity and will continue to consider changes in the monetary stance so that inflation returns to the target range over the forecast horizon.
  • Full statement here: https://www.bcrp.gob.pe/eng-docs/Monetary-Policy/Informative-Notes/2022/informative-note-june-2022.pdf
  • The BCRP Board’s next monetary policy session will take place on July 7, 2022.
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