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CPI Inflation Reported at 0.02% m/m in Jan, vs. +0.13% Expected

PERU
  • As previously highlighted, Reuters reported earlier today that Peru consumer prices rose by 0.02% m/m in January, according to the statistics agency. This report came earlier than the scheduled release of the data at 1500GMT(1000ET) later today, as has been the case in the past few months. According to the Bloomberg consensus, analysts were expecting a 0.13% m/m increase in consumer prices in January, following a 0.41% rise in December. Therefore, the annual rate of inflation may decline to a level below the expected 3.16% y/y, from 3.24% prior.
  • Separately, Petroperu's long-term rating was downgraded to B+ from BB+ by Fitch yesterday. Fitch noted that this downgrade was driven by the government’s lack of commitment to supporting the struggling oil firm. Petroperu has requested $1bn of support from the government, which has not been provided. Instead, the government has been looking at other forms of support, details of which the Finance Minister has said would be announced by next week.
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