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Peru Central Bank Review – 50BP Hike As Expected

PERU
  • On Thursday, the BCRP raised the reference rate by 50bps to 4.50%, continuing to normalise its monetary policy stance. The decision was in line with all surveyed forecasts by Bloomberg.
  • Rising inflation to above 6% annually was attributed to due to the upsurge of significant increases in international food and fuel prices.
  • The Statement added: “The significant increase in international energy and food prices since the second half of last year, recently accentuated by international conflicts, has led to sharp increases in global inflation rates in magnitudes not seen in many years both in advanced and other economies in the region. Thus, inflation is expected to return to the target range between the second and the third quarter of next year.”
  • The board noted that “most indicators of expectations for economic activity deteriorated in March” as well as acknowledging recent international conflicts have increased uncertainty in the recovery of the world economy.
  • Link to full statement: https://www.bcrp.gob.pe/eng-docs/Monetary-Policy/Informative-Notes/2022/informative-note-april-2022.pdf
  • The BCRP Board’s next monetary policy session will take place on May 12, 2022.
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