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Fujimori Trial Begins, Persistent Core CPI Pressures Noted

PERU
  • Keiko Fujimori, daughter of former President Alberto Fujimori, appeared in court yesterday at the start of what is expected to be a multi-year trial for alleged money laundering. She is accused of having led a criminal enterprise that laundered $17mn to fund her presidential campaigns in 2011 and 2016, and could face up to 30 years in prison. Despite the charges, she is widely expected to launch a fourth presidential bid, with elections due by April 2026.
  • On the macro front, no major data are due before the next BCRP monetary policy meeting on July 11. Yesterday, June CPI data showed that services inflation remains at 3.5% y/y, while core inflation continues to hold just above the 1-3% target range. Goldman Sachs says that this increases the probability of a consecutive hold at the July meeting, given the MPC’s recent concerns about the persistence of both core and services inflation.
  • Scotiabank also expect the BCRP to keep its reference rate unchanged at 5.75% next week, given the persistence in core inflation, pressures on the PEN and better-than-expected economic activity.
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