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November CPI Data Falls 0.16% M/m, Second Consecutive Monthly Decline

  • Reuters have reported that consumer prices in Peru fell 0.16% in November. CPI has decreased for the second consecutive month, having fallen 0.32% in October, according to data published on Friday by national statistics agency INEI.
  • Bloomberg showed the surveyed median estimate for the data at +0.11 M/m, and so this print represents another sizeable welcome surprise for the central bank. With expectations for the annual print at +3.92% Y/y, the data appears to be trending closer to the BCRP’s target more quickly than expected.
  • For reference, the next monetary policy meeting/decision will be held on December 14. While the consensus opinion has been for the central bank to maintain its 25bp pace of easing, the most recent data could provoke a more interesting debate as to whether a larger cut in December could be made.

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